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China has been on an initial public offerings (IPO) frenzy in the first six months of 2017, with 247 companies going public and more than 125 billion yuan ($18.46 billion) secured in IPO fundraisers, Securities Daily reported Tuesday.

The figures are a 10-year high, with the funds raised more than four times the 28.8 billion yuan raised in the same period last year, according to the report.

About 119 enterprises were listed on the Shanghai Stock Exchange and 128 on the Shenzhen Stock Exchange went public in the first half of 2017, according to the KPMG 2017 Mid-Year Review: IPOs and other market trends.

"Most of the listed companies are from traditional industries such as industrial manufacturing, consumer goods and services. With reforms in capital market, more high quality companies from technology, media and telecom sectors and game companies will be listed," Sun Jin from PricewaterhouseCoopers said.

Although, the number of IPOs has surged hugely, the pace is expected to slow in the second half of 2017 due to various factors such as the scale of the A-share market, quality of listed companies and investor risks.

The number of IPO deals in 2017 is expected to reach 320 to 350 and fundraising could generate up to 250 billion yuan, according to Lin Yizhong, from PricewaterhouseCoopers.