BRIC IPOs see record January at $6.7 bn

New share listings in the BRIC group of the four largest emerging economies have got off to a flying start in 2010, with January flotation volumes of USD 6.7 billion, the highest on record for the month, Thomson Reuters data shows.

Initial public share offers (IPOs) from Brazil, Russia, India and China accounted for 76% of global IPO activity so far in 2010, compared with just 5.6% last January.

There have been a total of 26 IPOs so far this month compared with just one listing last January.

"BRIC IPO volumes for the beginning of 2010 are at their largest level, in terms of both value and number of issues, for any January on record," Thomson Reuters said, adding it had been a record IPO month in terms of value for Asia as well.

The previous January record was in 2007 when 23 issues raised USD 3.9 billion while there were 22 listings and USD 3.5 billion in January 2008.

Chinese issuance comprised 67% of the total in January but the biggest offering was from Russian steelmaker Rusal which raised USD 2.2 billion. Nine of the top 10 IPOs this month came from China.

The materials sector accounted for 35% of activity followed by energy and power.

Last year BRIC IPOs raised a total USD 63 billion, accounting for over 90 percent of emerging market offerings. The world's largest IPO of 2009 was that of the Brazilian subsidiary of Banco Santander, according to data from Thomson Reuters.