Initial public offerings fell 34 percent this quarter as Facebook Inc.'s disappointing debut and worsening economic conditions rattled investors, pressuring companies to lure buyers with cheaper valuations.

IPOs globally raised $41.3 billion, the worst second quarter since 2009, data compiled by Bloomberg show. That compared with $62.7 billion a year ago. At least 50 companies shelved sales as Europe's debt crisis spread, growth prospects slowed in China and Facebook's stock sank 17 percent from its May 17 IPO price.

"With the economy and with Europe, there are more questions than answers in investors' minds, and they want some clarity before they put their money down," said Matt McCormick, who helps oversee $6.2 billion at Cincinnati-based Bahl & Gaynor Inc. "After what happened with Facebook, people want IPOs to go off without a hitch."