China could become the world’s largest market for initial public offerings (IPOs), a new report has claimed.
According to a study by PricewaterhouseCoopers (PwC), firms in China could raise 500 billion yuan ($74 billion) from IPOs during 2010.
The number of new listings from China is forecast to reach 300 over the course of the year, the survey showed.
Figures from the report, which were quoted by Reuters, revealed that a total of 176 IPOs were made during the first half of the year and raised 212.7 billion yuan.
In comparison a total of 187.9 billion yuan is thought to have been made from the IPO market as a whole for 2009.
Charles Feng, PwC Beijing lead partner, was quoted by the news provider as saying: “China's economic growth is expected to continue in the second half of the year.
“Unless some negative factors emerge, IPOs in Shanghai and Shenzhen will maintain the momentum and are likely to reach historical heights this year.”
The Agricultural Bank of China recently launched an IPO thought to be the largest to date.
It is projected to raise more than $23 billion.
By Jim Ottewill