The underperformance of small resources stocks in 2012 has not stopped a late rush of mining floats. At least 20 explorers are trying to close their offer before year’s end.

The fourth quarter is usually the busiest for initial public offerings (IPOs) by volume as companies attempt to raise capital and list before investors go on holiday. Hopes of a New Year sharemarket rally may have fuelled the float rush, but the IPO market is still on track for its worst year in a decade.