SINGAPORE - The global initial public offering (IPO) market remained weak in the first quarter of this year, with 157 deals to raise a total of $14.3 billion, accounting firm Ernst & Young said in a report on Friday.

This represents a year-on-year fall of 69 percent in the amount raised. It is the lowest since the second quarter of 2008, during which a total of $10.4 billion were raised through 82 IPOs.

Meanwhile, seven IPOs were postponed and 36 withdrawn in the first quarter.

Maria Pinelli, global strategic growth markets leader at Ernst & Young, said there were a number of positive signs despite the difficult market conditions.

"Companies are no longer simply listing on their national market by default. 2012 is already seeing more cross-border activity, with companies from all regions listing on exchanges like Hong Kong, London and the United States," Pinelli said.

China's stock exchanges in Hong Kong, Shenzhen and Shanghai were again among the top five global markets ranked by capital raised. Out of the top 20 global IPOs this quarter, eight were listed on Asian stock exchanges. IPO activity in those markets accounted for 47 percent of global total of funds raised.

The largest Asian IPO in the first quarter was the $794 million listing of China Communications Construction on the Shanghai stock exchange.

For the United States market, technology companies continued to lead the way. Of the 32 IPOs completed on US stock exchanges, 11 were technology IPOs, which raised $1.1 billion or roughly 34 percent by number of deals.

European stock exchanges raised $2.5 billion in 24 IPOs, representing 18 percent of global total of capital raised in the quarter.

The US and European numbers were supported by two large IPOs. Dutch cable operator Ziggo was listed on NYSE Euronext Amsterdam to raise $1.1 billion, and Swiss market expansion services group DKSH Holding Ltd was listed on the Swiss Exchange to raise $897 million.