In 2008 the largest Initial Public Offering of stock occured in the United States, the $19 billion Visa IPO. The USA also raised the larges amount of capital, $25.8 billion in 31 IPOs. China’s 127 IPOs raised $17.9 bllion in 2008 including the largest by China Railway at $5.7 billion. Reliance Power (now renamed Reliance Infrastructure) raised $3 billion as India’s largest IPO. 40 India deals raised $4.8 billion.
According to the authors of the study, 75% of the biggest 20 deals of 2008 took place in emerging markets, including the BRIC countries but also notably Saudi Arabia. Also note that 100% of the biggest 20 deals happened in the first half of the year, prior to the meltdown in financial markets worldwide.