Australian corporate fundraising improved over 2014, and a leading accountancy firm says 2015 looks bright again due to a flood of foreign money.

In its annual study of initial public offerings (IPOs), accountancy and consultancy firm HLB Mann Judd, found an 18 per cent increase over 2013 with 58 companies listing on the ASX last year.

Over $16 billion was raised, but a large chunk of that money went to the Federal Government through the $5.7 billion Medibank privatisation, while the Healthscope float accounted for another $2.26 billion.

Overall, healthcare companies dominated the large new listings (seven out of the top 10), while technology firms had the largest number of smaller cap listings last year.

Those sectors displaced the mining sector which traditionally dominates small and mid-cap floats - after booming in 2012 during the last resources upswing when it made up more than three-quarters of IPOs, materials companies accounted for just five listings in 2014.

The decline in small cap resources listings was a significant factor behind the dominance of larger floats in 2014.

Only 19 of the 58 IPOs were companies with a market capitalisation of less than $100 million, versus 2012 when around 60 per cent of new ASX listings were smaller corporates.

With funding for smaller firms now harder to come by on the public market, HLB Mann Judd partner Simon James said many firms are now looking towards backdoor listings (through taking over an already listed shell company), joint ventures or a takeover by a larger corporate to fund their expansion plans.

He cited Australian shipbuilder Forgacs's recent purchase of boutique precision engineering firm Broens as an example of a large company buying out a small firm to enhance its capabilities.

However, Mr James said there is even more interest from large overseas corporations, many of whom are asking HLB Mann Judd to compile shopping lists of potential Australian takeover targets.

"The rest of the world's looking at Australia and it's got a massive for sale sign stuck on it at the moment," he added.

Mr James said the significant depreciation of the Australian dollar - from a peak of over 94 US cents in the middle of last year to less than 80 in recent days - has made local firms attractive to cashed up foreign corporates.

He said overseas enquiries have particularly centred on the agricultural and property sectors.

However, despite the flood of private money, HLB Mann Judd expects public listings to remain solid in 2015, with several private equity-owned businesses likely to be floated if share market conditions hold up into the middle of the year.

Already, 14 companies have so far applied to list in 2015, seeking total funds of $114 million.

Half of these proposed listings are for healthcare and biotechnology stocks, which are seeking $59 million, and look set to dominate the IPO market again this year.