London booms on foreign floats

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The Independent Online

The number of companies listing shares has surged 36 per cent to a global record over the past year, with the London market continuing to boom as a result of foreign companies floating on its exchanges, according toErnst & Young.

The accounting and consulting company said that more than $40bn was raised on the London markets in 2006 with 213 companies listing shares - including 71 foreign listings that raised $22bn. The Alternative Investment Market, with over 170 new listings, was the fastest growing international exchange in terms of volume and accounted for 11 per cent of funds raised globally. The LSE took 15 per cent of the global market, trailing only Hong Kong in terms of capital raised.