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Singapore's initial public offering (IPO) market became the second largest in the world in the third quarter of this year, a report from global accountancy firm Ernst & Young has found.
"Several IPO markets in ASEAN have been active, particularly Singapore. The country ranks second, after the U.S., by capital raised, with proceeds expected to reach $1.7 billion in the quarter, up 39 percent from Q2 2013," said Ernst & Young.
The U.S. is expected to raise $11.8 billion from 65 IPOs.
(Read More: Singapore Exchange says IPO pipeline will 'step up')
The Singapore Exchange saw four deals raising $1.5 billion, ranking it at the third globally in terms of IPO proceeds. Singapore Catalist, Singapore Exchange's secondary board, saw seven deals raising $137 million in the quarter, a significant jump from $4 million in the previous quarter.
High profile deals included the debut of Singapore Press holdings' Real estate investment trust (REIT) in July, which featured 308.9 million shares at 90 cents each, raising a total of $504 million, and was 25 times subscribed.
According to Ernst & Young, Singapore proved a bright spot in an otherwise fairly quiet quarter both for the global IPO market.
"The ongoing suspension of new listings on mainland China exchanges has affected the IPO activity level in Asia," said Max Loh, Ernst & Young's Asean and Singapore managing partner.
"A drop in IPOs in Japan, following a blockbuster Q2, also weighed on total proceeds in Q3. Activity on other exchanges also softened, reflecting weaker economic and market conditions, though Singapore was one exception," he added.
(Read More: More pain to come for Singapore REITs?)
However, the firm said activity is expected to pick up in the region and the global market in late 2013 and early 2014.
"Particularly under volatile market conditions, the IPO markets in ASEAN are expected to improve in the final months of 2013 and 2014 with a growing list of companies planning to conduct IPOs, which should result in more IPO listings from markets such as Thailand, Singapore, Malaysia and Indonesia," he added.
Philippe Espinasse, former investment banker and author of 'IPO: A Global Guide' said the reason why Singapore has proven such a bright spot for IPOs is because of its success with both REITs and business trusts.
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"Many of Singapore's larger IPOs tend to be REITs and business trusts and are yield-focused, and this is really what has been driving to a large extent the Singapore IPO market," said Espinasse.
"Also the SGX has generally been more flexible in negotiating terms for IPOs, as compared to stock exchanges in other markets in the region," he added.
Meanwhile, global IPO activity was expected to be down 4 percent in terms of deal numbers, and 47 percent in deal value in Q3, compared with the previous quarter, Ernst & Young said, but was also expected to pick up later this year and early 2014.
(Read More: Twitter picks NYSE for $1.5 billion IPO: Report )
"The U.S. market is expected to continue its strong momentum and we expect stronger IPO activity from European exchanges, especially from the U.K. and Germany, as well as from South East Asian exchanges," said Maria Pinelli, EY's Global Vice-Chair of Strategic Growth Markets.
— By CNBC'sKatie Holliday: Follow her on Twitter