The amount of money raised through initial public offerings in New York is set to surpass London for the first time in three years as companies fuel a surge in IPO volume in spite of the turmoil in capital markets.

Money raised through stock market debuts in New York is set to hit levels not seen since the dotcom boom, with $51.3bn raised this year on the NYSE and Nasdaq combined, according to figures from Dealogic, the data provider. In London, debuts on the London Stock Exchange and Aim have raised $45.8bn in the year to date.