"With over 90 companies in the IPO pipeline for the North American exchanges, the number of cross-border IPOs is expected to continue to increase in the second half of 2014," said Thomas Rice, a Baker & McKenzie securities partner based in New York.
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While the amount of capital raised in European cross-border IPOs increased more than fourfold, the primary theme for the first half of 2014 was the resurgence of domestic IPOs, which increased more than fivefold.
"In the first half of 2014, the number of European IPOs surged amid improved economic outlooks and a return of investor confidence," said Edward Bibko, chair of Baker & McKenzie's European securities practice group. "Cross-border IPO growth in the region was strong, but it couldn't match the blistering pace of domestic IPOs, which were making up for a decade-long break."
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The 44 Asia-Pacific cross-border IPOs in the first half, which were propelled by listings in Australia and Hong Kong, raised a total of $7.4bn, a 32 per cent increase over the same period last year.
However, Asia-Pacific cross-border IPOs also did not outpace their domestic counterparts. The survey said analysts had attributed the slowdown of cross-border IPOs to political turmoil and increased regulatory oversight throughout the region, which forced multiple companies to shelve IPOs temporarily.
"Volatile markets, political uncertainty and limited approvals in China may have prevented Asia Pacific cross-border IPOs from having an exceptional first half of 2014," said Ashok Lalwani, chair of Baker & McKenzie's Asia Pacific securities practice group. "There is the potential, however, that cross-border IPOs will return to form once the geopolitical issues in the region subside."
—By Andrew Bolger, Financial Times