In order to align text vertically in SVG one has to use the dominant-baseline
attribute.
This has already been discussed on SO (Aligning text in SVG) and is par
One way to accomplish this in IE is to set the position related to the size of the font:
M
Setting the "dy" attribute will shift the text up (if value is negative) or down (if value is positive). Setting the "text-anchor" attribute centers the text on the x axis just fine in IE. Although this might hackish, but so is IE's support of SVG!