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 (23 per cent) of the companies featured in the report are mining businesses, with about a fifth (21 per cent) from the oil and gas industry.

The remaining companies cover a diverse range of sectors, from support services (eight per cent) to media (seven per cent).

Canaccord Adams is the leading AIM broker for the region, raising £145.7 million for nine of the companies in the report.