FPIs in Indian IPO market: Know which are the top 10; who invested how much in 2025
FPIs, or Foreign Portfolio Investors play a crucial role in the country's financial landscape. They not only operate in the secondary markets but also pick up shares in the primary markets and often prove to be important anchors for many public issues.
Kolkata: Did you know which FPI (Foreign Portfolio Investors) invested the highest amount in Indian IPOs in 2025 as anchor investors? Or which FPIs participated in the highest number of public issues as anchor investors? While their role in selling Indian equities have been discussed a lot to explain how they dampened investor sentiments, their participation in the Indian IPO market remains less known in the public space.
FPIs continue to play an important role in the expanding space of Indian public issues. They bring global capital and benchmarking discipline and international credibility to anchor books, writes Pantomath Capital Advisers in its Primary Pulse 2025 report. The firm has crunched data to come up with the list for FPIs in the Indian IPO market as anchor investors (Jan to Nov 2025). From foreign governments to pension and university funds abroad can operate as FPIs. Sebi is trying to raise ease of doing business for FPIs in India.
Limited participation
Pantomath has come up with two observations. One, anchor participation is concentrated among a limited set of global institutions, including sovereign funds, global asset managers and investment banks. And two, even the active FPIs
FIDELITY
Number of IPOs: 15
Total amount invested: Rs 1,499 crore
GOVT. OF SINGAPORE
Number of IPOs: 11
Total amount invested: Rs 1,427 crore
GOLDMAN SACHS
Number of IPOs: 26
Total amount invested: Rs 1,406 crore
NORGES
Number of IPOs: 18
Total amount invested: Rs 1,334
ASHOKA
Number of IPOs: 26
Total amount invested: Rs 1,236 crore
CAPITAL
Number of IPOs: 9
Total amount invested: Rs 1,213 crore
ABU DHABI INVESTMENT
Number of IPOs: 17
Total amount invested: Rs 1,040
NOMURA
Number of IPOs: 18
Total amount invested: Rs 955 crore
PRUDENTIAL
Number of IPOs: 23
Total amount invested: Rs 753
BLACKROCK
Number of IPOs: 9
Total amount invested: Rs 716 crore
(Source: Pantomath Group analysis, Data as on: November, 2025)