The market for initial public offerings perked up globally in the second quarter of 2009 as new issues by already public firms reached record levels, leading top bankers to forecast a pick-up in IPOs by year-end.

With calmer markets and some successful deals, investor confidence is returning, the bankers said, setting the stage for a robust, sustained recovery by 2010.

"The IPO market is open. Investors are interested in companies new to the markets," said Lisa Carnoy, the global head of equity capital markets for Bank of America Merrill Lynch.

The quarter saw a number of notable IPOs after a dormant first quarter, especially in the United States and China, where the government recently reopened the IPO market after a ten-month hiatus during which it drew up market reforms.

In the United States, which made up a quarter of global deal volume, notable IPOs included language instruction company Rosetta Stone Inc and restaurant reservations system OpenTable Inc, which soared in their debuts.

Elsewhere, blockbuster deals included IPOs by mining concern China Zhongwang Holdings Ltd, which raised $1.27 billion in Hong Kong, and Vodafone's Qatari unit, which went public in a $929.3 million deal.

Yet despite the uptick in deals in the second quarter, IPO volume in dollar terms is down 91 per cent so far this year compared with a year ago and pales in comparison to follow-ons, or new issues by public companies. Those have raised $207.8 billion worldwide in the second quarter, or 43 times more money, according to Thomson Reuters data.

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