A clutch of IPOs, including Asia's third biggest by state-run NHPC, has propelled India to the sixth position in the list of most active nations in the global space of initial public offerings this year.

Though there has been a drastic fall, both in terms of IPO volume and value so far this year compared to last year, experts say the lull in the primary market is finally over and the markets are showing some signs of recovery.

"The IPO activity in India has reached USD 707.1 million through five deals in 2009 so far this year, down 85 per cent from USD 4.9 billion via 36 deals in the comparable period last year," global deal tracking firm Dealogic said in a report.

The report further said the recent lull in the market is finally over and the current bullishness in the primary market, has jacked up India to the "sixth most active nation in terms of global IPO activity so far this year, accounting for around 3 per cent of global IPO volume."

Dealogic further said NHPC's IPO would be the largest in India since Reliance Power's USD 2.6 billion deal in January 2008, and the third largest IPO in Asia (ex Japan) region so far this year.

This year five companies, including NHPC have hit the primary market but it was the IPO by Mahindra Holidays that enthused the corporate world to raise funds from the capital market.