New Delhi, Nov. 20 -- Even as we celebrate the booming market for IPOs (initial public offerings) as yet another mark of a resilient economy, a closer look suggests there is more to it than meets the eye.

First the good news. The total amount raised by IPOs in the calendar year so far, about Rs.1.53 trillion, is just Rs.7,000 crore or so shy of the all-time peak last year, according to Prime Database, a tracker of capital market offerings.

This is a strong showing by any yardstick. Except that, of this stellar total, a record figure of nearly Rs.96,000 crore-or almost 63%-was raised through the offer-for-sale component of these issues.

As these shares are offloaded by existing holders, this part does not raise any fresh capital for the...