- SEBI's study analyzed 242 mainboard IPOs listed between April 2022 and October 2025.
- Anchor exits increased from 3.2% immediately after the first unlock to 50% by T+365.
- Foreign Portfolio Investors (FPIs) were the biggest sellers, exiting 60% of their anchor allotment by T+365.
- Smaller IPOs (up to Rs 250 crore) experienced a 72.5% exit by T+365, compared to 40.8% for larger IPOs.
- Heavy anchor selling (more than 10% of anchor holdings) resulted in an average price decline of 3.5% around T+29 to T+33.
- FPIs accounted for the largest share of anchor allotments at 43.8%, followed by mutual funds at 38.5%.
- Aggregate anchor exit rose from 3.5% at T+30 to 50.7% by T+365, indicating significant selling beyond the lock-in periods.
- Mutual funds showed more conservative exit behavior compared to FPIs, with many IPOs recording zero exits post the first lock-in expiry.
Foreign Portfolio Investors (FPIs) have emerged as the most aggressive sellers among anchor investors, according to a recent SEBI study analyzing 242 mainboard IPOs listed from April 2022 to October 2025. The study indicates that smaller IPOs experienced higher rates of anchor exits, leading to significant price impacts.2346
The analysis found that IPOs with more than 10 percent of anchor holdings sold faced an average price decline of 3.5 percent during the T+29 to T+33 window, with a median decline of 6 percent. In contrast, stocks with lower anchor exits saw minimal price changes, indicating a direct correlation between selling intensity and price pressure.
FPIs recorded an average exit of 24.5 percent of their anchor allotment in high-exit scenarios, significantly outpacing other investors. The study also revealed that anchor investors continued to sell beyond the initial lock-in periods, with cumulative exits rising from 3.5 percent at T+30 to 50.7 percent by T+365 days.
The findings suggest that around half of the aggregate anchor allotment is disposed of within a year, highlighting the limitations of the prescribed unlock windows in capturing total anchor selling behavior. The study underscores the need for investors to be aware of the potential price impacts associated with anchor exits, particularly in smaller IPOs.
Overall, the SEBI report sheds light on the dynamics of anchor investor behavior, emphasizing the role of FPIs in shaping market trends and price movements in the IPO landscape.
“The study, covering 242 mainboard IPOs, shows anchor exits rise from 3.2% at first unlock to 50% by T+365, with FPIs selling 60% of their allotment. Smaller IPOs (up to Rs 250 crore) see 72.5% exits, versus 40.8% for larger ones, and heavy selling (>10% of anchor holdings) leads to a median price decline of 6%.”
