SMC Global's Research Head Jagannadham Thunuguntla said the positive sentiment in the capital market since the start of the year has failed to revive the IPO market.

Snowman Logistics, an integrated temperature controlled logistics services provider, which came out with the public issue last month, raised Rs 197.40 crore.

Besides, Wonderla Holidays mopped-up Rs 181 crore through its initial share-sale programme in April.

Barring IPOs of Snowman Logistics and Wonderla Holidays, as many as 21 companies hit the SME platforms of NSE and BSE to garner about Rs 160 crore.

The pipeline of forthcoming IPOs also does not look impressive as of now, as only five companies—Lavasa Corp, Adlabs Entertainment, GMR Energy, Sharda Cropchem and Monte Carlo Fashions—have filed draft IPO papers with the market regulator Sebi so far in 2014.

Among these too, GMR Energy later withdrew its draft document.

Besides, many companies are holding back their plans to hit the market despite having received regulatory go-ahead.  These include Jyoti CNC Automation, Shemaroo Entertainment, Great Eastern Energy Corp, Inox Wind and NCML Industries.

Additionally, companies like Emcure Pharma, Trimax IT Infra and Services and BSCPL Infrastructure have withdrawn their proposed initial public offers.

However, some market analysts believe that the current market scenario could be the right time for companies looking to mop-up funds via IPO.

Geojit BNP Paribas Financial Services Head of Research Alex Mathew said: "Benchmark indices, the S&P BSE Sensex and the CNX Nifty, have been making new highs, confidence among institutional investors is back."

"This is the right time for companies, which are looking to tap the IPO market," Mathew said, adding that the "valuations should be attractive."

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