SHANGHAI -- Funds raised through initial public offerings on China's Shanghai and Shenzhen stock exchanges is expected to reach 200 to 250 billion yuan ($39.3 billion) this year, top auditor PricewaterhouseCoopers said Tuesday.

The two bourses are estimated to see 200 to 250 IPOs in 2012 as the IPO market in the second half is expected to recover from a slump in the first half, it said in a research report.

During the first half, China's IPO market experienced a slump as uncertain global economic prospects and the eurozone debt crisis dented investor confidence.

A total of 77.5 billion yuan was raised through 105 IPOs during the January-June period, down 56 percent and 38 percent, respectively, from a year earlier, the report stated.

Even though the gloomy market drove down the price-to-earnings ratio to a more rational level, the ratio was still higher than the average international level, said Sun Jin, a partner at PwC China.