New Delhi, Oct. 5 -- This has been a year of paradoxes for Indian equities. On one hand, benchmark indices have struggled under the weight of global uncertainty, muted corporate earnings, and relentless foreign outflows. On the other, India's primary market has been on a roll, providing a rare bright spot amid the gloom.

The contrast is striking. In September alone, foreign portfolio investors (FPIs) pulled out about $2.7 billion (almost Rs.24 trillion) from Indian equities. Yet, the same investors poured Rs.26,500 crore into anchor investments for IPOs, nearly three times more than in the previous year.

The message is clear: investors currently see IPOs as a better way to play India's growth story. Well-priced offerings with strong fun...