Foreign portfolio investors (FPIs) are increasingly turning to the primary market as a preferred route for investing in Indian equities given dwindling opportunities in the secondary market amid soaring valuations. FPIs have invested $6.4 billion (Rs 53,568 crore) in Indian equities through initial public offerings (IPOs) and qualified institutional buying (QIB) in the current year up to August 19, highest in four years. In contrast, they have been net sellers of $4.5 billion (Rs 38,007 crore) in the secondary market, according to NSDL data compiled by ETIG. On a net basis, FPIs have been net buyers of $1.9 billion (Rs 15,560 crore) in 2024 so far.