$11 billion worth of IPO shares set for lock-in expiry over next 3 months. What shareholders should know

Dalal Street is heading into a busy phase of IPO lock-in expiries, with a significant portion of pre-listing shareholder restrictions set to be lifted over the next three months. According to estimates from Nuvama Alternative & Quantitative Research, as many as 53 companies will see their lock-ins expire between July and September 2026, potentially unlocking stocks worth nearly $11 billion.

The figure refers to the value of shares becoming eligible for trading as lock-up periods end. However, not all of these shares are expected to be sold in the secondary market, as a substantial portion remains held by promoter groups who typically continue to retain their stakes.

3-month lock-in expiry

The upcoming three-month lock-in expiries will see the largest unlock in Turtlemint Fintech Solutions Ltd, where 13 million shares (4%) become eligible for trading on September 22. This is followed by OnEMI Technology Solution with 8 million shares (5%) unlocking on August 4.

CMR Green Technologies Ltd and Hexagon Nutrition Ltd will each see 5 million shares unlock on September 7 and September 8, representing 2% and 4% of equity, respectively. Advit Jewels Ltd and Waterways Leisure Tourism Ltd will each have 2 million shares unlocked on September 28, accounting for 4% and 2% of equity, respectively. Om Power Transmission will see 1 million shares (4%) become eligible for trading on July 14, while CSM Technologies Ltd will have 0.9 million shares (2%) unlocked on September 28.


Also read: Cult.fit IPO: Fitness company files draft IPO papers to raise Rs 950 crore via fresh issue

6-month expiry

Among stocks with six-month lock-in expiries, the largest unlock will be in Bharat Coking Coal, where 3,259 million shares (70%) will become eligible for trading on July 17.

This will be followed by Shadowfax Technologies with 260 million shares (45%) unlocking on July 24, Aye Finance with 146 million shares (59%) on August 13, Amagi Media Labs with 121 million shares (56%) on July 20, and Fractal Analytics with 87 million shares (51%) on August 14. Rajputana Stainless will see 46 million shares (55%) unlocked on September 28, followed by Clean Max Enviro Energy Solutions with 34 million shares (29%) on August 27 and GSP Crop Science with 25 million shares (53%) on September 25.

Shree Ram Twistex will have 19 million shares (47%) unlocked on September 11, SEDEMAC Mechatronics 17 million shares (38%) on September 10, and Innovision 13 million shares (54%) on September 23. Gaudium IVF and Women Health will see 9,300 shares (1.2 bps) unlocked on August 28, while Omnitech Engineering will have 7 million shares (6%) unlocked on September 3.

Clean Max Enviro Energy Solutions will also see a separate unlock of 4 million shares (4%) on August 6, followed by PNGS Reva Diamond Jewellery with 3 million shares (9%) on September 2, and Powerica with 1 million shares (0.8%) on September 30.

While lock-in expiries are a routine part of the IPO cycle, clustered unlocks of this scale tend to attract attention and can weigh on stock prices in the short term. Nuvama noted that despite the headline figure of $11 billion, the actual market impact will depend on how much of the eligible stock is eventually offered for sale.

Read more: NSE eyes September launch for $3 billion IPO; marketing likely to begin next week

The upcoming lock-in expiries come at a time when India's primary market is set to regain momentum in July, with a clutch of companies launching initial public offerings after a relatively quiet stretch in recent months.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)