FPI Trends in 2025: Heavy Selling in Secondary Market but Steady Participation in IPOs

Foreign portfolio investors (FPIs) have continued to follow two contrasting trends in 2025, persistent selling in the secondary market and steady participation in the primary market. While FPIs have been net sellers for most of the year, their interest in new public offerings has remained strong.

FPI Selling Crosses ₹2 Lakh Crore in 2025

In November so far, FPIs have sold equities worth ₹13,925 crore, taking the total year-to-date selloff to ₹208,126 crore. Since FY25, FPI equity flows have been negative in 10 out of 19 months, underlining a cautious stance in the secondary market.

Strong FPI Interest in Primary Market Continues

Despite consistent selling in the secondary market, FPIs have maintained a strong presence in IPOs. In November so far, they have invested ₹7,833 crore in public issues, while for the full year 2025, FPI investments in the primary market have reached ₹62,125 crore.

IPO Activity in November 2025

November 2025 has been an active month for the primary market.

So far, seven mainboard IPOs have opened, with five already listed on the exchanges.

Key IPOs entering the market this month include:

• Pine Labs
• Groww
• Capillary Technologies
• Fujiyama Power Systems

The lineup spans fintech, clean energy, industrial manufacturing, and technology, contributing to broad-based primary market activity.

Secondary Market Trends in November

The secondary market has seen periods of volatility driven by global macroeconomic developments, political factors, and domestic events. The Nifty 50 has gained 0.7% so far in November, and it has moved from around 25,500 at the start of the month to approximately 26,000 by mid-November, trading near its all-time high levels.

Read More: Equity Mutual Fund Inflows Fall 19% in October.

Conclusion

Foreign portfolio investors have continued their selling trend in the secondary market through 2025 while simultaneously increasing allocations to IPOs. With steady flows into new issuances and volatile but resilient equity indices, the divergence between primary and secondary market behaviour remains a defining feature of FPI trends this year.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/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.