Having soared like an escaped balloon in the first quarter of the year, the European market for initial public offerings lost buoyancy last month, with several deals failing to gain altitude. That is not, however, stopping new companies from looking to the skies.

The market's strong lift in the first quarter was powered by a combination of rising equity markets and big cash balances at fund managers. But, as is so often the case, too many companies lined up to take advantage of the prevailing conditions, putting every other deal at risk in the process.