A report released Monday by international accounting firm Deloitte to mark the end of the financial year showed that a total of 199 IPOs relating to Western Australia were listed in 2007-08, down on the 221 the previous year.

Deloitte said the global credit crunch and its shockwaves on the Australian market led to a sharp decline in IPO activity, however, WA was somewhat cushioned due to the strength of the resources industry. 

The total value of funds raised from IPO investors virtually halved from $A10.5 billion ($US10.08B) in 2006-07 to $A5.9B ($US5.66B).

Deloitte Corporate Finance Partner, Vicki Ivory, said the biggest change in the year just concluded was the drop in average returns. IPO investors experienced an average loss of 3% in 2007-08, compared to a gain of 91% in 2006-07, she said. 

The value of funds raised by IPOs in WA decreased by 28% from $A1.8 B ($US1.728 B) to $A1.3 B ($US1.248 B) which, she said, was a considerably smaller decline than the national downturn of 44%.

Ivory said WA IPOs also produced much better share price performances, with an average share gain of 15% compared to a loss of 3% for all IPOs around the country. 

The State's two top performing IPOs for the year were both in the resources business - Centaurus Resources (up 1,500%) and DMC Mining (up 463%) and she said WA also produced five of the nation's 10 best performing floats. The biggest WA-generated IPO was NRW Holdings ($A303M -- $US290.8M) and Northern Iron ($A114 M -- $US109.4M) which was one of the rash of new iron ore seekers in northern WA, where the big focus is in the Pilbara.

Other resource companies in the top 10 for 2007-08 were Silver Lake Resources, Emmerson Resources and Ironclad Mining. 

Ivory said the share market is watching the progress of the twice-postponed super float Burrup Fertilisers which would have been one of the biggest raising of the year. The initial postponement of this float by an influential Indian businessman was attributed to the volatile market conditions, while the second was a result of the state's gas crisis - when Apache Oil's Varanus Island gas plant, which supplies up to one-third of the state's gas requirements, blew up.

Assuming the current gas supply issues are resolved (media reports and government officials are saying this could be months away) this float is likely to provide a significant boost to the value of funds raised next financial year, she said.