SEOUL, Feb. 27 (Xinhua) -- The number of initial public offerings (IPOs) in South Korea logged a double-digit growth last year, financial watchdog data showed Tuesday.

A total of 82 companies went public on the main KOSPI and the smaller KOSDAQ markets in 2023, up 17.1 percent compared to 70 in the previous year, according to the Financial Supervisory Service (FSS).

The amount of funds raised from the IPOs tumbled to 3.3 trillion won (2.5 billion U.S. dollars) from 15.6 trillion won (11.7 billion dollars) in the cited period.

The decline was attributed to the shortage of a large-scale IPO last year. In 2022, 12.7 trillion won (9.5 billion dollars) was raised through the IPO of LG Energy Solution.

The competition ratio for newly listed stocks was 934 to 1 in 2023, up from 775 to 1 in the previous year.

On the first day of trading, the average prices of the listed stocks closed 72 percent higher than IPO prices in 2023, compared to finishing 28 percent higher in 2022.