Anchor investors exit faster from smaller IPOs, finds SEBI study

A recent SEBI study reveals that anchor investors tend to exit their investments more rapidly in smaller initial public offerings (IPOs) compared to larger ones. The research, which analyzed 242 mainboard IPOs between April 2022 and October 2025, found that anchor investors exited their investments at significantly higher rates in smaller IPOs.

In the first 30 days, exit rates were 9.1 per cent, jumping to 20 per cent by 60 days and 32 per cent by 90 days. By the end of the first year, anchor investors had exited about 60 per cent of their allocations in smaller IPOs, compared to 38 per cent in larger ones. The study also noted that FPIs (foreign portfolio investors) and MFs (mutual funds) were the largest contributors to anchor exits, with FPIs accounting for the majority of the exit value.

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