Mainland IPOs to raise $74b this year

Chinese firms are expected to raise over US$73.8 billion through initial public offerings this year, making China the world’s biggest IPO market, state media reported, citing a report published by accounting firm PricewaterhouseCoopers (PwC). Over the first six months of this year alone, 176 companies launched IPOs in Shanghai and Shenzhen, raising approximately US$31 billion, PwC said. According to the report, 43% of the companies that listed in the first half were involved in the manufacturing sector, 27% were in telecommunications and information technology and 26% were retail and services companies. However, while smaller firms look to mainland bourses to raise capital, all eyes remain on Agricultural Bank of China which is expected to raise between US$20-US$30 billion in a dual listing, in Shanghai and Hong Kong, in what is expected to be the world’s biggest ever IPO.