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THREE IPOs in the coming weeks may provide convincing testimony to the recovery of new issue volumes in Germany's Neuer Markt and the rising interest from retail and international investors. Although the market never suffered a total collapse in demand -- and the steep associated corrections in stock prices -- the supply of new companies heading for a listing has dried up over the last weeks.

* Beresford, the UK manufacturer of kitchen equipment, is considering a listing for its stock in New York. The group is looking at ways of enhancing shareholder value.

* Bayerische Landesbank Rating: Aaa/AAA

LEAD MANAGER Warburg Dillon Read has completed a highly successful offering of shares in Panafon, the leading Greek mobile phone company. The sale triumphed despite market practitioners' warnings that international investors would have little appetite for a deal from an emerging market. This pessimism had already been proved misplaced two weeks ago when CSFB, National Bank of Greece and Salomon Smith Barney completed the sale of the government's shares in OTE, the national telecom operator. That deal defied all the odds and reached a successful conclusion after establishing a firm base of existing and new shareholders for the company's equity.

GLOBAL co-ordinators Banque Paribas and BNP appear to be on course for success with the privatisation sale and convertible bond offering for France Télécom. The two firms have closed the books on the convertible with the level of demand far in excess of the number of bonds on offer.

* Südwestdeutsche Landesbank Girozentrale Rating: Aaa/AAA