The emerging-market initial public offering boom, predicted for Brazil, Russia and India, is fizzling as inflation sends interest rates up, share prices down and prompts companies to scale back or cancel sales.

While Brazil's stock exchange chief, Russia's biggest underwriter and India's government projected IPOs would rise threefold this year to $64 billion, issues are falling. Brazil dropped 29 percent from the year before to $2.7 billion and India sank 74 percent to $753 million, the least for the period for both since 2009, data compiled by bourses and Bloomberg show. Russia rose 16 percent to $3.3 billion and China slid 4.3 percent to $32 billion.

"It's not wise to be looking at companies that are subscale, subpar," said Aquico Wen, who oversees $1 billion at Esemplia Emerging Markets in London. "There are far too many other chances in the market."