Singapore - More than 2,900 Asian companies have raised nearly 500 billion US dollars in equity through initial public offerings since 1990, and the region's IPO market is expected to keep up its rapid growth, a Citigroup report said Tuesday.

It cited a shift toward professional investment management of household savings, driving demand for share investments and the introduction of innovative listing vehicles such as property, business and infrastructure trusts.

The rapid economic growth of many Asian economies has prompted companies to raise money for expansion, and more families are seeking to cash in on the value of their businesses, Citigroup analysts said in the report.

IPOs have become an accepted solution for a broad array of corporate needs for Asian companies, such as financing for growth, monetization by founding entrepreneurs and privatization, they noted.

While volume was choppy in the 1990s, the market has witnessed a sustained volume boom since 2001.

The analysis covered IPOs by Asian companies, including listings on exchanges outside Asia, that raised more than 30 million US dollars. (dpa)