"Even as the number of primary market issues declined to 19 in January-March 2008 from 33 for the corresponding period of the last year, the amount raised in the initial public offer market doubled with 120.68 per cent rise," Assocham Eco Pulse (AEP) study on 'Primary Market Performance' said.

The study conducted for the fourth quarter of FY08 has revealed that despite the bearish conditions in stock markets and credit crunch, the total money raised from the IPO market has more than doubled to Rs 17,217 crore from Rs 7,749 crore (Rs 77.49 billion)  in the same period during FY07.

The mega issue of Reliance [Get Quote] Power (Rs 10,260 crore) accounting for 60 per cent of the IPO value raised during the period and rise in the overall stock market valuations were the main reasons cited by the AEP, for more than double increase in the money raised from the primary market.

The sectors which registered maximum growth in last three months over the corresponding period of the fiscal 2007 were power, construction and financial services, Assocham president Venugopal Dhoot said.

The construction sector gathered a significant Rs 4,454.77 crore (Rs 44.54 billion), despite two companies withdrawing their offer in the period, the chamber said. The construction sector contributed a share of 25.87 per cent in the total IPO proceeds during the period January-March 2008, it added.

IPOs in power sector were dominated by the mega issue of Reliance Power which raised Rs 10,260 crore (Rs 102.60 billion).

The study was based on the data taken from Bombay Stock Exchange, National Stock Exchange, Sebi and respective companies' websites, it said.