$26 billion worth of shares to hit the market as lock-ins end for 60 firms

Over $26 billion worth of shares across 60 companies will become eligible for trading as pre-listing shareholder lock-in periods expire over the next four months, according to brokerage Nuvama. While this unlock presents a potential supply influx, not all shares may be offloaded immediately, as a significant portion remains held by promoters and group investors.

1-month lock-in expiry

Among the notable upcoming lock-in expiries, HDB Financial Services stands out with 23 million shares (3% of total equity) becoming tradable on 30th July, marking the largest volume in this list. Kalpataru will also witness a significant expiry with 9 million shares (4%) unlocking on 28th July, potentially impacting liquidity. Similarly, Arisinfra Solutions is set to release 5 million shares (6%) on 23rd July, a relatively higher percentage of its equity. These events could draw investor attention due to their size and timing.


Other upcoming lock-in expiries include Oswal Pumps on 18th July, with 3 million shares (3%) becoming tradable. On 28th July, both Ellenbarrie Industrial Gases and Globe Civil Projects will unlock 3 million shares each, representing 2% and 4% of their equity, respectively. Sambhv Steel Tubes is scheduled for expiry on 30th July, releasing 10 million shares (3%).

In August, Indogulf Cropsciences will see 3 million shares (4%) unlock on the 1st, followed by Crizac on the 6th with 5 million shares (3%), and Travel Food Services on the 11th, unlocking 3 million shares (2%).

3-month lock-in expiry

Key expiries to watch include Ather Energy (31st July | 21 million shares | 6%), which stands out due to its position in the EV space and the sizeable unlock, and Belrise Industries (25th August | 36 million shares | 4%), one of the largest in terms of volume. Aegis Vopak Terminals (28th August | 27 million shares | 2%) and HDB Financial Services (29th September | 23 million shares | 3%) also represent significant events, given their volume and sector relevance. These expiries could influence market sentiment and liquidity in the coming months.

Moving into August, Borana Weaves will unlock 2 million shares (6%) on 21st August, followed by Belrise Industries on the 25th. On 28th August, a cluster of expiries includes Prostarm Info Systems (2 million shares, 4%), Aegis Vopak Terminals, and Schloss Bangalore (18 million shares, 5%), marking a busy day on the calendar.

In early September, Scoda Tubes is due for a lock-in expiry on 1st September with 2 million shares (4%), while Oswal Pumps will unlock 3 million shares (3%) on 16th September.

Late September will be active, with Arisinfra Solutions (22nd September – 5 million shares, 6%), Kalpataru (25th September – 9 million shares, 4%), Ellenbarrie Industrial Gases (25th September – 3 million shares, 2%), and Globe Civil Projects (25th September – 3 million shares, 4%) all seeing expiries. At month-end, HDB Financial Services and Sambhv Steel Tubes (10 million shares, 3%) will follow on 29th September, with Indogulf Cropsciences unlocking 3 million shares (4%) on the 30th.

Looking into October, Crizac will release 5 million shares (3%) on 6th October, followed by Travel Food Services with 3 million shares (2%) on 8th October.

6-month lock-in expiry

Hexaware Technologies (18th August | 351 million shares | 58%) leads the list with one of the largest upcoming lock-in expiries, both in terms of volume and equity stake. With over half of its total shareholding becoming tradable, this event could significantly influence market liquidity and investor sentiment. On the same day, Ajax Engineering is also set to unlock a sizeable 71 million shares (62%), indicating a major shift in free-float for the company.

Before that, Stallion India Fluorochemicals (28th July | 41 million shares | 52%) will see more than half of its equity become available for trading, marking another critical expiry in the chemical and industrial segment. Similarly, Laxmi Dental (21st July | 21 million shares | 37%) will have a considerable portion of its equity unlocked, which could bring some volatility depending on investor actions post-expiry.

In early August, Dr. Agarwal’s Health Care (6th August | 75 million shares | 24%) will have a large release of shares, notable for its size within the healthcare space. Alongside it, Denta Water & Infra (6th August | 14 million shares | 52%) will also unlock over half of its equity, potentially impacting its post-listing performance.

A smaller, negligible expiry will occur for Quality Power Electrical on 21st August, with just 40 shares set to be unlocked — unlikely to have any real market effect.

Looking ahead, Ather Energy (6th November | 162 million shares | 44%) will face a significant lock-in expiry later in the year. With nearly half of its equity unlocked, this could become a key event to monitor, especially given Ather’s visibility in the electric vehicle segment. Rounding off the list, Borana Weaves (27th November | 3 million shares | 10%) will see a moderate portion of shares become tradable.

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