Initial public offerings dropped last quarter to the second-lowest level since the financial crisis, as signs of a global economic slowdown threaten to extend the IPO market's slump into 2013.

Initial share sales raised about $21.3 billion worldwide in the three months through September, 48 percent less than the previous quarter, according to data compiled by Bloomberg. While Japan Airlines Co. completed 2012's biggest IPO since Facebook Inc., companies from guitar maker Fender Musical Instruments Corp. to Hardee's owner CKE Inc. shelved their offerings after failing to procure the price they wanted from investors.

The U.S. stock market's rally to a more than four-year high has provided only limited momentum for share sales as slowing growth in China and the European debt crisis help spur the International Monetary Fund to lower its forecasts for the global economy. With Facebook having lost about half its value since pricing its initial offering at 107 times earnings, potential IPO investors are now demanding cheaper valuations in the face of economic uncertainty, according to Bank of America Corp.'s Frank Maturo, vice chairman of equity capital markets.