New York: The primary market is witnessing a significant momentum this year as the global initial public offer (IPO) volume in the first 21 days of 2010 amounted to $5.6 billion, the highest year-to-date volume on record, a report said.

According to leading deal tracking firm Dealogic, Global IPO volume stood at $5.6 billion till 21 January 2010, up from just $72 million in the same period last year.

The global IPO volume was driven mainly by China, which accounted for $4.5 billion, or 79%, of the total IPO pie, Dealogic said adding that China XD Electric’s $1.5 billion IPO was the largest IPO of the year 2010.

Meanwhile, the initial public offer market is going to heat up further as nearly 308 IPOs are waiting in the pipeline planning to raise a total of $32.1 billion, Dealogic added.

In the period between 1-21 January 2010, the equity capital markets total in the period under review amounted to $32.31 billion through 203 deals, Dealogic said.

Out of the $32 billion, there were 42 IPO deals amounting to $5.6 billion, whereas there were as many as 144 follow-on deals totaling up to $21.98 billion.

Meanwhile, there were 17 convertible issues aggregating to up to $4.6 billion, Dealogic added.