Drawn by more attractive pricing and growth prospects, foreign portfolio investors (FPIs) are making a beeline for India’s primary market this year. While they have been steadily cutting their positions in the secondary market, overseas investors are finding greater comfort in initial public offerings (IPOs) and fresh equity issuances, where valuations look fairer and the upside appears more compelling.

Foreign investors are making their presence felt where the action is hottest — the primary market. Between January 1 and October 17, 2025, they pumped in a hefty Rs 54,178 crore ($6.23 billion) into IPOs and other fresh issuances, betting on India’s new growth stories. But while they have been enthusiastic about new listings, the mood has been quite the opposite in the secondary market. Du

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