International portfolio traders emerged as essentially the most aggressive sellers amongst anchor traders in mainboard preliminary public choices, offloading round 60% of their IPO anchor holdings inside a 12 months, in keeping with a Securities and Alternate Board of India examine.
The examine, performed by officers of SEBI’s Division of Financial and Coverage Evaluation, examined anchor investor behaviour throughout 242 IPOs listed between April 2022 and October 2025.
Whereas anchor traders collectively offered about half of their mixture allotments inside a 12 months, FPIs accounted for the biggest share of exits. FPIs offered round Rs 22,474 crore of their Rs 37,491-crore anchor allotment over the interval, in contrast with mutual funds, which offered round Rs 12,228 crore from an allotment of Rs 31,529 crore.
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The examine tracked anchor holdings at six factors, 6, 29, 33, 60, 93, 180 and 12 months from allotment, to look at promoting across the prescribed lock-in durations in addition to longer-term holding behaviour.
Anchor promoting was comparatively muted instantly after the primary unlock. Combination exits stood at 3.2% shortly after the primary unlock and rose to round 8% by 60 days. Following the second unlock at 90 days, cumulative promoting reached 17.3%.
Nonetheless, exits accelerated over the long run. Amongst 167 IPOs listed by means of the tip of 2024 with a whole one-year holding historical past, anchor promoting rose from round 4% at 30 days to 9% at 60 days, 19% at 90 days, 34% at 180 days and 51% at 12 months.
FPIs accounted for 43.8% of anchor allotments, forward of mutual funds at 38.5%. Different QIBs, together with insurers and banks, accounted for 10.5%, whereas AIFs contributed 5.3%.
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The hole between FPIs and mutual funds widened considerably with time. At 90 days, FPIs had exited round 20% of their anchor allocation versus about 15% for mutual funds. By one 12 months, the hole had widened to round 60% versus 38%.
The examine additionally discovered that smaller IPOs noticed considerably greater anchor exits. In IPOs with concern sizes of as much as Rs 250 crore, 72.5% of anchor holdings had been offered inside a 12 months, in contrast with 40.8% for IPOs sized Rs 1,001-2,500 crore.
Greater anchor promoting was additionally related to higher worth strain. Shares the place greater than 10% of the anchor portion was offered noticed a mean worth decline of about 3.5% between T+29 and T+33, in contrast with a 0.4% decline the place anchor exits had been as much as 2.5%.
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