The country’s biggest investment banks say the amount of work they are doing on potential new listing is at its highest in four years despite a volatile sharemarket creating more subdued expectations for floats.

JPMorgan is shaping up as the most active bank over the first quarter, snaring the top spot for equity capital market work by volume since the start of the year with deals worth $1.5 billion. Morgan Stanley and RBC Capital Markets are the second-most active, according to Dealogic data. All three banks worked on a $4 billion raise by Goodman Group last month.