Global firms tap US IPO market

THE TOTAL value of US stock market listings undertaken by firms from outside of the country has hit its highest level since 2006 so far this year, as companies worldwide look to raise cash on Wall Street.

US listed initial public offering (IPO) volume by non US issuers has hit $4bn (£2.4bn) so far this year, nearly five times the $836m raised by this time last year and up 17 per cent on the previous record of $3.4bn at this point in 2006.

Chinese issuers account for the most IPOs on US exchanges, with nine deals raising a total of $1.5bn.