FPIs emerge as largest sellers amongst anchor buyers in IPOs’ 30-day window: Sebi research

International Portfolio Buyers (FPIs) emerged as the largest sellers amongst anchor buyers, and heavy anchor exits had been related to sharp worth strain on IPO shares across the 30-day unlock window, in response to a Sebi research launched on Tuesday.

The research, which lined 242 mainboard IPOs listed between April 2022 and October 2025, additionally discovered that smaller IPOs witnessed larger anchor exits.

The evaluation discovered that IPOs within the highest anchor-exit depth bucket, the place greater than 10 per cent of anchor holdings had been offered, recorded a mean worth influence of minus 3.5 per cent in the course of the T+29 to T+33 window.

The median worth influence was sharper at round minus 6 per cent, with the interquartile vary predominantly in unfavourable territory.

FPIs recorded the best common exit on this high-intensity promoting bucket at 24.5 per cent of their anchor allotment, forward of corporates at 23.1 per cent and Different QIBs at 21.6 per cent.

The worth influence additionally worsened as promoting depth elevated. It stood at round minus 1.3 per cent for IPOs, the place 2.5-10 per cent of anchor holdings had been offered, in comparison with minus 0.4 per cent the place exits had been as much as 2.5 per cent.

The strain, nevertheless, was largely muted by the 90-day unlock window, with all three exit-intensity buckets exhibiting near-zero imply and median worth adjustments.The research additionally discovered that anchor buyers’ promoting continued effectively past the prescribed lock-in durations, with combination weighted exit rising from 3.5 per cent at T+30 to 9.3 per cent at T+60, 18.5 per cent at T+90, 34.4 per cent at T+180 and 50.7 per cent by T+365.

This means that round half of the mixture anchor allotment had been disposed of inside a 12 months, suggesting that the prescribed unlock home windows seize solely a portion of eventual anchor promoting.

FPIs led the longer-term exits as effectively, promoting round 60 per cent of their combination anchor allotment by T+365. They had been adopted by Physique Corporates at 58 per cent, AIFs at 55 per cent and different QIBs at 46 per cent, whereas mutual funds recorded the bottom exit at 38 per cent.

In absolute phrases, FPIs offered shares value round Rs 22,474 crore by T+365, towards an combination anchor allotment of Rs 37,491 crore.

The evaluation additionally discovered that smaller IPOs witnessed larger anchor exits, with the Rs 0-250 crore issue-size class recording a 72.5 per cent exit by T+365, in contrast with 40.8 per cent for IPOs within the Rs 1,001-2,500 crore class.

The findings level to a brief provide overhang from anchor promoting, primarily across the first unlock window, even because the influence turns into muted at later levels.