Booming equity markets in Asia were the driving force behind a record month for initial public offerings in October, when the value global issuance surpassed pre-crisis levels to touch $50bn.

Companies raised a total of $49.6bn from flotations globally last month, making October highest month on record by value. The previous high of $46.5bn was recorded in October 2007, just as the early signs of the global financial crisis were emerging.