The Coal India IPO alone has brought several lakhs of new investors into the markets," said Jagannadham Thunuguntla, head of research, SMC Global Securities. The Rs 15,000-crore IPO of Coal India in 2010 had attracted 1.7 million retail applications. The follow-on public offers (FPOs) of Engineers India and Power Grid in 2013-14 saw encouraging retail participation. Some of the major companies where the government will have to divest to bring down its holding to 75 per cent include Coal India (where it will have to sell shares worth Rs 34,000 crore at the current market rate), NMDC (Rs 3,373 crore) and NHPC (Rs 3,009 crore). Experts said the government should opt for the FPO route to sell shares in these companies to promote retail participation. They should drop the faster and easier Offer For Sale (OFS) route, which primarily suits institutional investor participation, they said.