The pace of initial public offerings (IPOs) in Asia is expected to pick up in the second half of next year. Several rounds of monetary stimulus by major central banks should brighten the global outlook, while IPOs that were shelved this year because of the poor market are likely to resurface. A year ago, investor confidence about a second half recovery in 2012 was high. But turmoil in major economies dashed any hope of a rebound. IPO tracker, Mergermarket said international Asian markets like Hong Kong and Singapore suffered a fall in the number of IPOs as well a decline in the value of new listings. Hong Kong Exchange saw a 75 per cent drop in value of its new listings and a 14.29 per cent decline in the number of IPOs in the first 11 months of 201,2 compared to a year ago. Singapore recorded a 43.96 per cent drop in the value of the new listings and a 15 per cent fall in IPO issues during the same period. Several notable issues like F1, Dynasty REITS were shelved in 2012. But the IPO market ended with a big bang from the listing of Chinese state-owned People\'s Company of China, raising some US$3.1 billion in Hong Kong. Max Loh, country managing partner at Ernst & Young LLP said: \"In 2012 compared to 2011, in terms of number of deals as well as capital raised, that\'s really because of macroeconomic concerns - the Euro crisis, the impending US fiscal cliff, really the performance of IPO transactions as well, that led to muted IPO activities.\" The only exception in Asia was Malaysia, which had a 260 per cent jump in the value of its new listings, despite a 50 per cent decline in the number of new IPOs. That market was buoyed by the mega listings of palm oil plantation company, Felda, and healthcare provider, IHH. Still, many investors have turned to the corporate bond market to make a buck, rather than weather the volatility in equity markets. For a company wanting to raise funds, however, the cost of doing that by IPO, remains attractive, even if delayed. Tim Leemaster of The Mergermarket Group said: \"IPOs are such a similar event in a corporate life cycle that I don\'t see a company opting out of an IPO. It also makes the cost of funding much cheaper when you are a listed company and where you have a discipline of regular market reporting. So, I don\'t see the IPO market going away because of a healthy bond market.\" The argument goes that signs of economic improvement will bump up interest rates. That will make it more expensive for a company to service a bond issue, than to sell shares. Fundamentally, companies still need funding no matter what the economic climate is. \"Valuations are decent in Asia, investor\'s appetite is high for stocks in Asia, there is still growth in Asia in terms of organic growth and the need for capital investment to generate growth,\" said Chang Tou Chen, head of global banking in South East Asia at HSBC. Analysts said while IPOs may rebound in 2013, mega-deals will be few and far between. Upcoming regional deals include Chinese orange grower, Asia Agricultural of at least US$200 million IPO in Singapore, power generator, Malakoff\'s US$1 billion in Malaysia, US$100 million IPO from Indonesian state-owned cement maker, Semen Baturaja in Jakarta and banking to spirits conglomerate, LT Group planning US$1 billion in Philippines to comply with free float rules are in the pipelines.