Investors still picky
Deals expected this year include a $5 billion listing from Chinese meat processor Shuanghui International Holdings, and offerings from health and beauty products retailer A.S. Watson & Co and e-commerce giant Alibaba Group.
Shuanghui International's deal is expected for the first half of the year. An Alibaba IPO of around $15 billion could take place in the second half of the year at the earliest, with Hong Kong considered a possible location.
Goldman Sachs and HSBC are handling the A.S. Watson listing and other stock sales as well as the Power Assets deal.
Other banks likely to benefit from the surge include Morgan Stanley, which is handling the Shuanghui deal with Citic Securities and UBS. Citic should also benefit from its position as top underwriter of new listings in mainland China.
(Read more: Chinese IPOs: Hot, hot, hot!)
While the deal pipeline is full, Power Assets' decision to cut its targeted proceeds by about a third provided evidence that IPOs will still need to be pitched accurately. The Power Assets move reflected a lower valuation on the asset being sold, and also a decision by the parent to retain a bigger slice of the business.
"It is still a buyers' market. Investors will continue to be choosy," said Philippe Espinasse, a former equity capital markets banker at both UBS and Nomura. "Issuers will need to be realistic on valuations and, importantly, will need to get support from cornerstones to get deals done," said Espinasse, author of "IPO: A Global Guide".
In Hong Kong, IPO bankers typically secure groups of institutional investors who commit to deals, acting as their cornerstones.
The gradual, bumpy resumption of IPOs in Shanghai and Shenzhen will also ultimately provide a boost to deal volumes in Asia-Pacific region after zero activity for more than one year in China.
Chinese companies could to raise 250 billion yuan ($41.3 billion) from new listings in Shenzhen and Shanghai exchanges in 2014, according to a PwC forecast. That level would make it the second-biggest year on record for IPOs in mainland China, though the early days of the restart have been troubled.
(Read more: China approves new IPOs, ending listing freeze)
The first batch of about 50 companies to list in China in January alone should bring in 44 billion yuan in proceeds, consulting firm EY estimated last month.