According to an analysis, during the January-September, 2011, period, there were 28 public issues, of which 17 public issues were small issues sized below Rs 100 crore. This translates into around 61 per cent of the total public issues during the period.

In addition, there were eight IPOs valued at between Rs 100 crore and Rs 1,000 crore during the nine-month period, dubbed as mid-size initial share sales.

There were only three large public issues, with issue sizes above Rs 1,000 crore. This is a sharp decline in comparison to 2010, when there were 14 public issues worth more than Rs 1,000 crore in the first nine months of the year.

'It implies that large public issues have found it difficult to attract investors, clearly reflecting the underlying bearish sentiment of the capital markets. Further, considering the fact that 61 per cent of the public issues were small issues, one can term the year 2011 as the 'big year of small issues',' SMC global securities strategist and head of research Jagannadham Thunuguntla said.

One more evident trend was lukewarm subscription to public issues. The lukewarm subscription levels were particularly visible in the Qualified Institutional Buyers (QIB) category.

Of the 28 public issues, 17 public issues were not fully subscribed in the QIB category. This seems to reflect a lack of conviction and confidence in QIB circles about the IPOs.

Nevertheless, some of these public issues where QIB subscription was less than the portion reserved for them were bailed out by high net-worth individuals (HNIs) and retail investors.

Interestingly, HNI and retail investors have shown unusually high levels of risk appetite as far as IPO investing is concerned in the April-September period. Their risk was rewarded by commensurate positive returns on a few public issues, but many public issues have given significantly negative returns.

During the period, Lovable Lingerie (30 times over-subscription) and Muthoot Finance (21 times over-subscription) saw the maximum subscription among all the public issues.

Meanwhile, the 30-share BSE Sensex index has tanked by over 4,055.33 points, or 20 per cent, during the year to September.

The Sensex, which was above the 20,000 points level at the start of the year, has declined since steadily to hover around the 16,000-mark at present. The index closed at 16,232.54 points on Friday, up 2.79 per cent vis-a-vis its previous close.