The Securities and Exchange Board of India (SEBI) on August 13, 2026, issued the study on Exit Behaviour of Anchor Investors in Mainboard IPO.
SEBI’s study examines the exit behaviour of anchor investors in 242 mainboard IPOs listed between April 2022 and October 2025. FPIs constituted the largest share of anchor allotments at 43.8%, followed by mutual funds at 38.5%. The study found that anchor investors generally exit gradually after the lock-in periods, with aggregate exit increasing from 3.2% after 30 days to 8% by 60 days and 17.3% by 90 days. Smaller IPOs witnessed significantly higher exits than larger IPOs. FPIs were more active sellers than mutual funds, with FPI exits reaching around 20% by 90 days, compared with 15% for MFs. Higher anchor selling, particularly above 10%, was also associated with negative price movement around the 30-day unlock period. The extended analysis of 167 IPOs showed that exit continued well beyond the mandatory lock-in period, reaching approximately 51% after 365 days. By one year, FPIs had exited around 60% of their anchor allotment, whereas MFs had exited around 38%, indicating that FPIs are the dominant source of anchor-related selling pressure.
