"Global cues made the market little challenging, but despite that we have raised not only the highest ever (amount for PSUs) but in terms of total issuances in the market, the public and private sectors included, the public sector has far outscored the private sector.

"We are about 12-13 per cent of the total market cap, but ... we have done over 70 per cent of the total fund raising," Johri told said.

The total equity funds raising via Initial Public Offers (IPO) and Offer for Sale (OFS) in 2015 amounted to over Rs 48,700 crore. Of this, OFS by PSUs accounted for Rs 35,236 crore, which is about 73 per cent of the total fund raising.

The earlier dispensation that required an advanche notice of two trading days before the launch of OFS allowed speculators to beat down the price, often leading to lukewarm response and state-owned LIC being summoned to rescue it.

However, a shorter window can result in the retail and other smaller investors remaining completely away for want of funds and time to study the offer.

Between January-December, as many as 21 IPOs from private sector hit the markets collecting close to Rs 15,000 crore. The major IPOs included that of InterGlobe Aviation, which runs no-frills carrier IndiGo, Alkem Laboratories, Coffee Day Enterprises and Dr Lal Path Labs.

Karvy Stock Broking's Head of Fundamental Research Jagannadham Thunuguntla said there was no big ticket issuances from the private sector this year and hence their contribution to fund raising activity looked smaller.

"PSUs like Coal India and IOC are large companies and hence the issue size was also huge. Since private sector participated only marginally, it has impacted overall fund raising activity," Thunuguntla said.

Coal India disinvestment in January was a major highlight of 2015, being the biggest share sale by any private or public sector company in India and exceeds the previous record of over Rs 15,000 crore made by CIL itself in 2010.

The disinvestment fetched the Government about Rs 22,600 crore on a day when theSensex fell by nearly 500 points.

Indian Oil's OFS garnered Rs 9,300 crore to the Government in August -- on a day on thestock markets witnessed a bloodbath plummeting 1,624 points.

The other PSUs which hit the market this year were Power Finance Corp (Rs 1,673 crore), Rural Electrification Corp (Rs 1,610 crore) and Dredging Corp (Rs 53 crore).

There was no PSU stake sale between September-December as stock markets remained volatile on global worries.

For the fiscal ending March 2016, the disinvestment target has been set at Rs 69,500 crore. Of this Rs 41,000 crore is to come from minority stake sale in PSUs and another Rs 28,500 crore from strategic stake sale. The fiscal target continues to remain far off with total collections of just about Rs 12,600 crore in the nine months of the financial year so far.

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