China's IPO market is set to see a record number of listings in 2017 as authorities have taken steps to push for the normalization of public offerings following a suspension two years ago.

In the first three quarters, 343 companies went public on the Shanghai and Shenzhen stock exchanges, altogether raising 164.9 billion yuan (about 24.9 billion U.S. dollars), an increase of 150 percent and 96 percent, respectively, from the same period last year, according to financial information provider iFinD.

Given that the first week after the week-long National Day holiday period will see 9 IPOs, the total number of new listings will reach 352 by mid-October, more than the 347 IPOs seen in 2010, the current record.

Under the IPO system, new shares are subject to approval by the China Securities Regulatory Commission, which controls both the timing and price. An IPO suspension between July and November 2015 was followed by a period of slower IPO approval.

China is working on a new IPO approval system based on registration that will allow bourses to take over IPO approval and clear the backlog.