Of the 94 IPOs, the three biggest were all for investment funds seeking to capitalise on emerging market growth. Turkish real estate-focused The Ottoman Fund raised £150 million in 2005, while Tau Capital, which is primarily focused on Kazakhstan, brought in £125.5 million through its flotation last year.

The third largest float was that of Epicure Qatar Equity Opportunities, with £83.7 million raised.

Almost a quarter of the companies featured in the report are mining businesses, with roughly the same number from the oil and gas industry.

The remaining companies cover a diverse range of sectors, from support services to media (see chart). Canaccord Adams is the leading AIM broker for the region, raising £145.7 million for nine of the companies in the report.

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