The average size of initial share sale offers by Indian companies nearly doubled to

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Rs 965 crore in 2009, even as total number of issues recorded a decline over 2008 levels, the Economic Survey said today.

In the year gone by, companies -- both private and public -- mopped up Rs 19,296 crore through 20 initial public offerings (IPOs). Against this, the year 2008 saw 37 IPOs raising Rs 18,393 crore.

"The mean IPO size increased to Rs 965 crore in 2009, from Rs 497 crore in 2008. The total number of IPOs declined to 20 in 2009, from 37 in 2008," the Survey said.

The IPO market was on fire post the decision of UPA government-II to dilute stake in PSUs as investors were waiting for these IPOs to test the primary market.

The government divested stake through IPOs in NHPC and Oil India to mop up a combined over Rs 8,800 crore.

Some of the big ticket IPOs of 2009 include NHPC (Rs 6,000 crore), OIL (Rs 2,300 crore), Adani Power (Rs 3,160 crore), JSW Energy (Rs 2,700 crore) and Indiabulls Power (Rs 1,500 crore).

"Though resource mobilisation from the primary market through equity investments was sluggish in 2009, both in terms of number of issues and follow-on-public offerings, there was an increase in debt market activity and private placements," the Survey said.