Foreign investors extended 2025 outflows ($17.6 billion YTD; $2.7 billion in September) amid tariff fears and rich valuations, while China draws EM money. India now faces a $5 billion IPO wave led by Tata Capital and LG’s India units where pricing risks linger. RBI raised IPO financing limits (to ₹25 lakh) and loans-against-shares (to ₹1 crore), likely boosting HNI demand.