Some 23 companies have raised $2.9 billion through IPOs so far this year, more than the total raised in the previous seven years. And share sales by listed companies have raised an additional $3.9 billion.

Indeed, the tally next year should match or outpace 2004's record, said Amit Chandra, managing director of DSP Merrill Lynch.

"Next year we would see IPOs from new sectors such as aviation and infrastructure, apart from the traditional industries," Chandra said.

Companies and the government are lining up new issues, encouraged by a $1 billion initial public offering IPO from Tata Consultancy Services Ltd (TCS), India's top software services exporter, and a $2.3 billion share issue by energy explorer Oil and Natural Gas Corp (ONGC).