Russia`s companies were placed third in the world in terms of fundraising through initial public offerings in 2006, a leading auditor said Thursday.

Ernst & Young presented Thursday its fourth annual survey of IPOs. According to the survey, emerging economies such as Brazil, Russia, India and China (the `BRIC` countries) sharply increased the volume and the number of their IPOs, attracting a total of $86 billion in 2006, compared with $29 billion in 2005.

Overall, companies across the globe raised $246 billion last year, compared to $167 billion in 2005. Chinese companies raised the largest amount ($56.6 billion), followed by U.S. issuers ($34.1 billion) and Russian firms ($18 billion), the survey said.

In its survey, Ernst & Young cited the example of Russia`s state-controlled foreign trade bank Vneshtorgbank (VTB), which managed to raise $8 billion at its IPO in May, adding that the second half of the year would also be characterized by increased corporate activity in fundraising.

According to the survey, most IPOs are held domestically because companies have most of their client base inside their countries.
sections: Economics