New Delhi, Aug. 13 -- Anchor investors tend to sell their initial public offering (IPO) shares gradually after lock-in periods end, with foreign portfolio investors (FPIs) exiting faster than mutual funds, according to a study by the market regulator, highlighting that initial institutional support does not always become long-term commitment. Anchor investors are large institutional buyers who gain early access to shares before an IPO opens to the public.

The study, published on Thursday, analysed anchor investor behaviour across 242 mainboard IPOs, identified through their International Securities Identification Number (ISINs), listed between April 2022 and October 2025. It found that selling remains limited immediately after the first ...