Ebb & Flow

European investors signaled last week that they will take as hard a line on European IPOs as investors have been taking in the U.S. And given its cash position, the company that tested the waters, Immuno-Designed Molecules, chose to just say no.

IDM, which announced its planned IPO on June 2, last week postponed its offering on Euronext in Paris, citing market conditions. The French cancer company had been looking to raise up to E99 million ($119 million) through the sale of 8.1 million shares at E10.50-E12.20. That would have given it a market cap of about E320 million ($385 million)...