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The number of new initial public offerings (IPOs) worldwide in 2021 increased 64 per cent year-on-year to 2,388, according to a study published by the consulting firm Ernst & Young (EY).

Global IPO issue volume went up 67 per cent to $453 billion, according to the study published on Tuesday.

Despite the Covid-19 pandemic, "investor sentiment worldwide was very positive, volatility was contained and there were no new economic downturns," said Martin Steinbach, partner and head of IPO and Listing Services for EY Germany.

The highest number of IPOs was again registered in China, where 593 companies went public 2021, up 11 per cent year-on-year, the study found.

Europe's IPO market also developed particularly well. Compared to 2020, the number of IPOs on Europe's stock exchanges more than doubled from 191 to 485, and issue volume almost tripled to $81.1 billion, Xinhua news agency reported.

Tech companies in particular attracted the interest of investors as these accounted for one in four IPOs worldwide and for 33 per cent of the aggregate issue volume.

"The digital transformation of the economy has received an enormous boost from the pandemic," Steinbach said, adding that this trend is expected to continue as "large numbers of fast-growing companies from the technology and healthcare sectors will be attracted to the stock market."