We simply won’t stop gushing about how fantastic 2017 has been as far as initial public offerings (IPOs) are concerned. Take a look at the chart alongside. Money raised through IPOs till November this year is the highest in at least the last 10 years. This, of course, reflects the general buoyant mood in the Indian stock markets.But a close look at the break-up of the aggregate IPOs in 2017 shows the scenario isn’t all that encouraging. That’s because fresh capital is only 17% of the total money raised whereas the remaining 83% is contributed through the offer for sale (OFS) mechanism.