Coal India Ltd., the world's largest coal company, announced Tuesday a $3.4 billion initial public offering that is India's largest-ever and adds to a growing list of record-breaking IPOs in Asia this year.

Foreign investors fleeing slow growth and low returns in the developed world have rushed into Asia, pumping up stock markets and snapping up shares in new offerings, which can more easily absorb large chunks of capital.

"There's a surge of liquidity created in the western world," said Naresh Kothari, president of Edelweiss Securities in Mumbai. "The belief in the recovery of their economies is not very high. A lot of this liquidity is looking for returns and the best growth is available in Asia and emerging markets."

So far this year, IPOs in Asia, excluding Japan, have totaled $100.5 billion, up from $36.9 billion in the same period last year. It's even topped the $59.1 billion raised in the same period of 2007 when share issues were booming.

According to Dealogic, China had the largest IPO in history in July, with the $22.1 billion offering of the Agricultural Bank of China Ltd. Singapore hit a new record high in October, with the launch of a $2.6 billion IPO for Global Logistic Properties Ltd.

South Korea notched its largest IPO ever in April, with the $4.4 billion offering of Samsung Life Insurance Co. Ltd. and the Philippines broke its record in October with the $537 million Cebu Air share sale.

The Indian government is selling 10 percent of its stake in state-run Coal India Ltd., part of a broad divestment plan to reduce the fiscal deficit and loosen state control over some of the nation's biggest companies. India aims to sell off pieces of state-run companies worth 400 billion rupees ($8.9 billion) this year.