Anchor investors sold only 3.2% of their allotment right after the 30-day lock-in and about half within a year: SEBI study of 242 mainboard IPOs
A study by officers of SEBI’s Department of Economic and Policy Analysis covers anchor investor exits in 242 mainboard IPOs listed between April 2022 and October 2025. On a weighted basis anchors sold 3.2% immediately after the first unlock, around 8% by day 60 and about 17.3% past the 90-day unlock. Exits were much higher in issues up to ₹250 crore, and FPIs sold more than mutual funds.
Key facts
- In force
- Study period April 2022 to October 2025; published August 2026
- Who it affects
- Companies planning mainboard IPOs, merchant bankers (BRLMs), anchor investors (FPIs, mutual funds, AIFs, insurers), IPO investors
- Section
- SEBI
- Published
- 13 August 2026
In 30 seconds
- The study analyses anchor allotment, depository holding and closing price data for 242 mainboard IPOs listed from April 2022 to October 2025.
- Weighted aggregate exit: 3.2% just after the first unlock (T+30), around 8% by T+60 and approximately 17.3% past the second unlock (T+90).
- Smallest issues (₹0–250 crore) showed the highest exits: 9.1%, 20.3% and 32.4% at the three stages.
- FPIs held 43.8% and mutual funds 38.5% of anchor allotment by value.
- For 167 IPOs tracked for a year, aggregate exit reached about 51% by T+365; FPIs about 60%, mutual funds 38%.
- The paper states that its findings and views are those of the authors and do not necessarily reflect the views of SEBI.
हिंदी में सार
SEBI के DEPA विभाग के अधिकारियों के अध्ययन (अगस्त 2026) में अप्रैल 2022 से अक्टूबर 2025 के बीच सूचीबद्ध 242 मेनबोर्ड IPO में एंकर निवेशकों की बिकवाली देखी गई। 30 दिन का लॉक-इन खुलते ही सिर्फ़ 3.2% हिस्सा बिका, 60 दिन तक लगभग 8% और 90 दिन के बाद करीब 17.3%; एक साल में (167 IPO) लगभग आधा। ₹250 करोड़ तक के छोटे इश्यू में बिकवाली सबसे ज़्यादा रही और FPI ने म्यूचुअल फ़ंड से ज़्यादा बेचा। अध्ययन के निष्कर्ष लेखकों के हैं, SEBI के आधिकारिक विचार नहीं।
About the study
The “Study on Exit Behaviour of Anchor Investors in Mainboard IPOs” (Department of Economic and Policy Analysis, Mumbai, August 2026) examines how anchor investors sold their shares in mainboard IPOs listed between April 2022 and October 2025. The initial universe was 254 IPOs; 12 were excluded for data discrepancies, leaving 242. The extended one-year analysis covers 167 IPOs listed till the close of 2024.
The paper states that its findings and views are those of the authors and do not necessarily reflect the views of SEBI.
The lock-in the study is built around
As the study records, following amendments to the ICDR Regulations with effect from 1 April 2022, 100% of the shares allotted to anchor investors are locked in for 30 days from the date of allotment, and 50% are locked in for 90 days. T is the allotment date.
Who the anchors are
By allotment value, FPIs accounted for 43.8% and mutual funds for 38.5% — together over 82%. Other QIBs (insurance companies, banks etc.) contributed 10.5% and AIFs 5.3%. In the smallest issues (₹0–250 crore), AIFs accounted for 35.2% of anchor allotment value.
How much was sold, and when
| Category (242 IPOs, weighted) | First exit (T+30) | By T+60 | Second exit (T+90) |
|---|---|---|---|
| All anchor investors | 3.2% | Around 8% | About 17.3% |
| FPIs | ~3.2% | ~9.3% | ~19.8% |
| Mutual funds | ~2.8% | ~7.0% | ~14.7% |
| AIFs | ~4.4% | ~9.9% | ~19.6% |
| Body corporates | ~9.4% | ~14.5% | ~23.3% |
| Issues of ₹0–250 crore (all anchors) | 9.1% | 20.3% | 32.4% |
- At first exit, 192 of the 242 IPOs saw an exit of less than 25% of the anchor portion, 43 saw zero exit and only seven saw more than 25%.
- By second exit, 171 IPOs were below 25%, 58 were within 25–50% and 12 exceeded 50%; none reached 100% and only one showed zero exit.
- The study observes an inverse relationship between issue size and exit rates. The ₹1,001–2,500 crore bucket had the lowest first exit rate, 2.6%.
- IPOs listed in 2023 saw the highest second exit (approximately 24%); those of 2022 the lowest (about 10%).
Price impact
The study finds a directionally negative relationship between exit intensity and price performance in the first unlock window (T+29 to T+33). The mean price change was approximately −0.4% where exit was up to 2.5%, −1.3% for exits of 2.5–10% and −3.5% where exit exceeded 10%. In that highest bucket, FPIs showed 24.5% average exit against 11.5% for mutual funds. At the 90-day window, the price impact was muted.
One year on (167 IPOs)
| Window | T+30 | T+60 | T+90 | T+180 | T+365 |
|---|---|---|---|---|---|
| Aggregate weighted exit | ~3.5% | 9.3% | 18.5% | 34.4% | 50.7% |
By T+365, FPIs had exited approximately 60% of their anchor allotment, body corporates 58%, AIFs 55%, other QIBs 46% and mutual funds 38%. In the ₹0–250 crore bucket the 365-day exit was 72.5%.
What to note
The study concludes that anchor exit is gradual and extends well beyond the lock-in periods: the prescribed exit windows capture only a fraction of eventual anchor selling. It is a research paper; it proposes no change to the anchor lock-in rules.
Questions and answers
How much do anchor investors sell when the 30-day lock-in ends?
On a weighted aggregate basis across 242 mainboard IPOs, 3.2% of the anchor portion was exited immediately after the first unlock (T+30). It rose to around 8% by T+60 and approximately 17.3% past the second unlock at T+90.
Do anchors sell more in small IPOs?
Yes, according to the study. Issues of ₹0–250 crore showed exits of 9.1% after 30 days, 20.3% at T+60 and 32.4% after 90 days — substantially higher than all other size categories.
Who sells more — FPIs or mutual funds?
FPIs. By the 90-day mark FPIs had exited about 19.8% of their anchor allotment against about 14.7% for mutual funds. By one year (167 IPOs) the figures were approximately 60% for FPIs and 38% for mutual funds.
Does anchor selling affect the share price?
The study finds a directionally negative relationship at the first unlock window, concentrated where exit exceeded 10%: the mean price change from T+29 to T+33 in that bucket was about −3.5%. At the 90-day window the price impact was muted.
Is this SEBI’s official view?
The paper states that the findings and views are those of the authors, who are officers in SEBI’s Department of Economic and Policy Analysis, and do not necessarily reflect the views of SEBI.
Published 13 August 2026. Updated 6 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.