* PwC sees low IPO levels through mid-2010

* Q2 IPO levels show typical historical quarterly increase

* LSE led Europe in IPO total volume in Q2

* Warsaw Exchange had greatest number of new listings

FRANKFURT, July 7 (Reuters) - European initial public offerings remained sparse in the second quarter, with most companies likely to defer going public until mid-2010, an expert on new listings from PriceWaterhouseCoopers (PwC) said.

"Whoever isn't forced through necessity by the funds an IPO makes available is waiting," PwC IPO expert Volker Fitzner told Reuters late on Monday.

Investors would rather subscribe to capital increases from companies which are already listed and either avoid public listings altogether or demand such high discounts that issuers cannot except them, Fitzner said.

He said that most of the companies that are planning IPOs would not launch them until the second quarter of 2010.