SHANGHAI - China Hainan Rubber Industry priced its Shanghai IPO at the top end of an indicative range, raising $709 million in what could be a harbinger of a steady deal flow next year in China, the world's top market for IPOs.

Global IPOs have hit a record this year with companies expected to have raised more than $300 billion in IPO proceeds, according to corporate advisory company Ernst & Young.

Issuers in the mainland, Hong Kong, Macao and Taiwan made up more than 46 percent of global IPOs in terms of IPO proceeds, raising $117.9 billion in 442 deals in the first 11 months of 2010, said Ernst & Young. Hainan Rubber, a leading Chinese rubber producer based in the southern island province of Hainan, set the offer price for its IPO at 5.99 yuan ($0.90) a share, the company said in a statement published on Thursday.