According to NSDL data, Foreign Portfolio (FPI) investors in Initial public Offering (IPOs) reached a new high of USD 10.8 billion, or Rs 79,851 crore, during the year. According to projections, these inflows will total USD 9.7 billion (Rs 71,718 crore) in 2020. Despite selling USD 6.8 billion in secondary markets in the second part of the year, FPIs were net purchasers in Indian markets, pumping in USD 3.9 billion.

Foreign investors rapidly scooped up IPOs in frothy market conditions, as stocks in the primary markets are typically available at a 30-35 percent discount to their listed peers. The primary market also gives investors the chance to profit on future revenues that aren't factored into stock pricing. This provides a plethora of stock price triggers based on the possibility of strong future earnings. This provides huge investors with a significant share without incurring any costs.

In the year 2021, 65 companies raised Rs 1.3 lakh in primary markets, which is 74.6 percent more than the previous peak of 2017. In the last ten years, foreign portfolio investors (FPIs) have been net purchasers in the primary market, investing a total of USD 44.8 billion (Rs 3.5 lakh crore). In the last five and ten years, 75 percent and 40 percent of total funds by FPIs in the Indian market have arrived through the primary market, respectively.

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