New Delhi, June 1 -- Foreign portfolio investors (FPIs) have shown subdued appetite for Indian IPO markets in the past few months, and are likely holding back capital for follow-on offerings, qualified institutional placements (QIPs), and block trades, according to a top executive at one of the country's leading investment banks.

"I see FII (foreign institutional investor) appetite being a little muted in the primary market, but pretty good when it comes to follow-ons, sell-downs and QIPs. Largely, this is the trend we are seeing," Ramesh Srinivasan, managing director and chief executive of Kotak Investment Banking told Mint in an interview.

Data analysed by Mint shows that global institutional anchoring for domestic initial public offe...