Foreign portfolio investors (FPIs) invested $1 billion (Rs 9,676 crore) in IPOs in September even as they sold $4.8 billion (Rs 45,537 crore) worth of listed equities, the highest monthly outflow since April 2026, when they withdrew $6.7 billion (Rs 63,167 crore). So, amid rising crude oil prices and US bond yields, why are investors exiting stocks but retaining interest in IPOs? Let’s understand: