FPI Inflow in Indian IPOs Stood at $1.3 Billion in November 2025

Foreign portfolio investors (FPIs) continued backing Indian initial public offerings (IPOs) in November 2025, investing $1.3 billion in the primary market despite broader net selling in Indian equities. This marks the 5th consecutive month FPIs favoured IPOs over the secondary market. 

FPIs Focus on IPOs Despite Overall Net Equity Outflows 

In November 2025, FPIs infused a net $1.3 billion, approximately ₹11,894.7 crore, into India’s primary market. This represents the highest primary market investment in 4 months.  

At the same time, FPIs pulled out $1.8 billion, or ₹15,659.3 crore, from the secondary market, reversing their buying from October when they had invested $448.1 million. 

Combining both primary and secondary activity, FPIs were net sellers of $424 million, around ₹3,764.6 crore, in November. 

Year-to-Date FPI Trends Show Negative Equity Sentiment 

From January to November 2025, FPIs withdrew $16.4 billion, about ₹1.4 lakh crore, from Indian equities. This includes a substantial $24 billion, or ₹2.1 lakh crore, outflow from the secondary market.  

In contrast, the primary market saw positive action, attracting $7.6 billion, or ₹66,187 crore, from FPIs during the same period. 

Read More: Private Equity and Venture Capital Investments Rise 8% To $5.3 Billion in October 2025! 

Domestic Mutual Funds Maintain Upward Investment Momentum 

Despite foreign selling, domestic mutual funds continued supporting equities, investing ₹38,173.8 crore in November up to the 26th. Their total equity inflow for the year reached ₹4.5 lakh crore, surpassing the previous year’s ₹4.3 lakh crore. 

Conclusion 

FPIs remain selective in their equity exposure to India, showing continuous preference for IPOs while withdrawing from the secondary market. Domestic mutual funds continue to support market stability through sustained investments. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.