London was the top choice for company flotations in the first quarter of the year, accounting for almost half of the total amount raised in European initial public offerings.

Analysis of IPO data by PwC revealed the City was the most active market in Europe, with signs that it will retain the top spot despite worries about the impact Brexit talks will have.

In total there were 53 floats across Europe during the quarter, raising a combined €4.5bn (£3.85bn), compared with 50 IPOs raising €3.5bn during the same period last year.

Issuers are attracted to London by the liquidity of the financial markets, healthy investor base and regulatory regime, said Mark Hughes, capital markets partner at PwC.

He added: “First-quarter numbers combined with a strong medium-term pipeline of both domestic and foreign issuers, suggest that London is well placed to continue as Europe’s premier exchange as the UK negotiates its exit from the EU.”

Despite the rise, PwC described the level of activity as “subdued” compared with longer-term trends, with wider uncertainty dampening down appetite. Looking back over the past five years, IPOs across Europe peaked in the second quarter of 2014, with 146 of them raising more than €20bn.