Foreign Portfolio Investors (FPIs) emerged as the biggest sellers among anchor investors in initial public offerings (IPOs), leading to sharp price pressure around the 30-day unlock window, according to a study released by the Securities and Exchange Board of India (Sebi) on Tuesday.

The analysis analyzed 242 mainboard IPOs listed between April 2022 and October 2025. It found that smaller IPO issues experienced higher levels of anchor investor exits, while heavier anchor selling directly correlated with larger drops in stock prices.

Key findings from the 30-day unlock window analysis:

5 per cent during the T+29 to T+33 window, with the median price impact at around minus 6 per cent. 6 per cent by other Qualified Institutional Buyers (QIBs).

4 per cent. Price pressure largely subsided by the 90-day unlock window, with all exit-intensity categories recording near-zero mean and median price movements.

The study also revealed that anchor selling persisted well past the regulatory lock-in periods. 7 per cent by T+365.

Longer-term exit patterns by investor and issue size:

FPIs offloaded approximately 60 per cent of their total anchor allotment by T+365, totaling shares worth around Rs 22,474 crore against an allotment of Rs 37,491 crore. Body Corporates sold 58 per cent, Alternative Investment Funds (AIFs) sold 55 per cent, and other QIBs sold 46 per cent, whereas mutual funds recorded the lowest exit rate at 38 per cent by T+365.

8 per cent for offerings in the Rs 1,001-2,500 crore range. Sebi's findings highlight that anchor selling causes a temporary supply overhang primarily around the initial unlock window, with the overall market impact moderating over subsequent stages.