Investors may be cautious on the state of the primary market, but India Inc raised as much as Rs 31,699 crore ($6.7 billion) through public issue of shares (including initial public offer and follow-on public offer) in the first half of the current calendar year the highest ever in the six month period.

It surpassed the previous best of Rs 31,493 crore clocked in the Jan-June 2007 period, arguably the best period for Indian primary market. The money raised through IPO and FPO in the first half this year is over 100 times the same period in 2009, as per data compiled by Primedatabase.

Bulk of the money was raised by the government owned firms NTPC, NMDC and REC through FPOs. Infact as much as Rs 22,000 crore was raised through FPOs which buyoed overall fund raising through the public market.

Money raised through IPOs alone was a little less than Rs 10,000 crore which was the third best in the first six months of any calendar year and less than half of the corresponding figure in 2007.

However, the bumper money raising activity in the public market did not carry through to institutional segment with the quantum of QIPs losing steam over the last few months. Moreover, right issues has grown but not to the same level as 2008 when few large sized rights issues allowed firms to raise almost Rs 20,000 crore in the first six months.

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