The resource boom has somewhat helped to cushion Western Australia from a downturn in initial public offer activity, with the state producing five of the 10 best performing floats.
Preliminary figures from Deloitte Corporate Finance's annual IPO report found that although IPOs in WA decreased, the drop was smaller compared to national figures.
Deloitte corporate finance partner Nicki Ivory said the resource boom cushioned WA from the full effects of the national downturn, though it was not completely immune.
"The value of funds raised by IPOs in Western Australia decreased by 28% from $1.8 billion to $1.3 billion, which was a considerably smaller decline than the national downturn of 44%," Deloitte corporate finance partner Nicki Ivory said.
The number of floats in Western Australia dropped from 113 to 99, which was in line with national trends where 1999 IPOs listed in the year to June 30 2008, down from 221 in the previous year.
Ms Ivory said WA IPOs also produced much better share price performances, with an average share price gain of 15%, compared to a loss of 3% for all IPOs around the country.
The state produced the two top performing IPOs of the year, Centaurus Resources (up 1500%) and DMC Mining (up 463%).
WA's biggest IPO for the year was NRW Holdings (raising $303 million), followed by Northern Iron ($114 million). Both IPOs were among the 10 largest IPOs for the year at a national level.
