Volumes for initial public offerings in Spain have raised more than double the amount this year than the $3.9bn (€2.7bn) raised in the whole of 2006, after investment manager Criteria Caixa set a new record for a listing from the country at the start of this week.

The $4.5bn flotation of Criteria Caixa, the investment arm of savings bank La Caixa, was the sixth on Spain's stock market this year. It boosted proceeds raised to $7bn, more than double the $3.9bn record set in 2006 when 10 companies listed, according to investment banking data provider Dealogic.