India’s IPO market is entering one of its busiest lock-in expiry periods in recent years, with pre-listing shareholder restrictions set to be lifted for 53 companies between July 7 and September 30.
Shares worth nearly $11 billion will become eligible for trading during the period, bringing several recently listed companies into focus as investors assess the possibility of increased market supply.
IPO Lock-in expiry between July-September
According to Nuvama Alternative & Quantitative Research, the value represents the total shares coming out of lock-in and should not be interpreted as potential selling pressure because a substantial portion continues to be held by promoters and promoter groups.
“Between July 6 and September 30, a total of 53 companies are slated to have their pre-listing shareholder lock-ins lifted, amounting to the value of $11 billion,” Nuvama said.
“The value pertains to the total lock-up opening shares, but it’s important to note that not all of these shares will come for sale as a sizable portion of these shares are also held by Promoter & Group,” the brokerage added.
July begins with a series of IPO lock-in expiries
The lock-in expiry calendar gathers momentum immediately after July 7.
CMR Green Technologies is the first major company on the list, with 49 lakh shares, representing 2% of its outstanding equity, becoming eligible for trading on July 8.
Two companies follow on July 10. Hexagon Nutrition will see 46 lakh shares, equivalent to 4% of its equity, come out of lock-in, while Indo Farm Equipment will have 96 lakh shares, accounting for 20% of its outstanding equity, become eligible for trading.
On July 13, Standard Glass Lining Technology will witness one of the month’s larger unlocks as 3.99 crore shares, or 20% of its equity, come out of lock-in.
The next day, Om Power Transmission Ltd. will have 13 lakh shares, representing 4% of its equity, become eligible for trading, while Quadrant Future Tek will see 82 lakh shares, or 21% of its outstanding shares, come out of lock-in.
Bharat Coking Coal leads the biggest value unlock in July
The single largest lock-in expiry during the July-September period belongs to Bharat Coking Coal.
On July 17, as many as 325.94 crore shares, representing 70% of the company’s outstanding equity, will become eligible for trading. Nuvama estimates the unlocked stake is worth around $1.34 billion, making it the largest event in the current lock-in calendar.
The same day, Smartworks Coworking will see 4.36 crore shares, accounting for 38% of its outstanding equity, become eligible for trading.
Another sizeable unlock follows on July 20, when Amagi Media Labs will have 12.11 crore shares, equivalent to 56% of its equity, coming out of lock-in.
On July 24, Shadowfax Technologies Ltd. will witness 25.98 crore shares, representing 45% of its outstanding equity, become eligible for trading. Nuvama values the unlocked holding at nearly $615 million, making it one of the largest lock-in expiries by value.
The same day, Turtlemint Fintech Solutions will see 1.31 crore shares, equivalent to 4% of its equity, become eligible for trading.
Brigade Hotel Ventures and Indiqube Spaces feature in the month’s final stretch
The latter part of July remains equally active.
Anand Rathi Share & Stock Brokers will see 4 lakh shares, representing 1% of its outstanding equity, come out of lock-in on July 27.
The same day, Stallion India Fluorochemicals will witness 1.59 crore shares, accounting for 20% of its equity, becoming eligible for trading.
On July 29, Advit Jewels Ltd. will have 18 lakh shares, or 4% of its equity, come out of lock-in, while Waterways Leisure Tourism will see 16 lakh shares, representing 2% of its outstanding equity, become eligible for trading.
CSM Technologies follows on July 30, with 9 lakh shares, equivalent to 2% of its equity, becoming eligible for trading.
The same day, Indiqube Spaces will witness a much larger unlock, with 7.12 crore shares, accounting for 34% of its outstanding equity, coming out of lock-in.
July concludes with Brigade Hotel Ventures, where 20.55 crore shares, representing 54% of the company’s equity, become eligible for trading on July 31.
August brings another wave of large unlocks
The pace of lock-in expiries remains elevated through August.
On August 4, OnEMI Technology Solution will see 80 lakh shares, representing 5% of its outstanding equity, become eligible for trading.
A busy August 6 includes Clean Max Enviro Energy Solutions, where 44 lakh shares or 4% of equity come out of lock-in. Sri Lotus Developers will witness 25.42 crore shares, accounting for 52% of its equity, while M & B Engineering will see 2.72 crore shares, equivalent to 48% of outstanding shares, become eligible for trading. The same day, Shanti Gold International will unlock 3.95 crore shares, representing 55% of its equity, while Denta Water & Infra will see 53 lakh shares, or 20% of its equity, become tradable.
Among the month’s biggest events is Aye Finance, where 14.56 crore shares, representing 59% of equity, will come out of lock-in on August 13.
The same day, JSW Cement will witness 60.27 crore shares, equivalent to 44% of its outstanding equity, becoming eligible for trading, making it the largest August unlock.
Other significant expiries include Fractal Analytics, where 8.70 crore shares or 51% of equity will be unlocked on August 14. Ajax Engineering will see 2.29 crore shares, representing 20% of equity, become eligible for trading on August 17, while All Time Plastics will witness 3.27 crore shares, equivalent to 50% of equity, coming out of lock-in on the same day.
Hexaware Technologies is scheduled for August 18, when 12.16 crore shares, representing 20% of its equity, become eligible for trading.
The calendar remains active with Vikram Solar on August 24, where 12.28 crore shares, or 34% of equity, will come out of lock-in. This is followed by Shreeji Shipping Global on August 25, with 10.38 crore shares accounting for 64% of equity, Gem Aromatics on August 26, with 1.83 crore shares or 35% of equity, Clean Max Enviro Energy Solutions on August 27, with another 3.39 crore shares representing 29% of equity, and Mangal Electrical Industries on August 31, where 1.50 crore shares, equivalent to 54% of equity, become eligible for trading.
September calendar remains crowded
September also features a long list of companies whose lock-in periods are ending.
Among the notable names are PNGS Reva Diamond Jewellery on September 2, Omnitech Engineering on September 3, Anlon Healthcare on September 4, Rishabh Instruments on September 8, SEDEMAC Mechatronics on September 10, Shree Ram Twistex and Amanta Healthcare on September 11, Jupiter Lifeline Hospitals on September 15, Dev Accelerator on September 21, Innovision, GSP Crop Science and VMS TMT on September 25, followed by Rajputana Stainless, Saatvik Green Energy and Awfis Space Solutions on September 28.
The quarter concludes on September 30, when Powerica will see 10 lakh shares, representing 1% of equity, become eligible for trading, while JSW Infrastructure will witness 42 crore shares, accounting for 20% of its outstanding equity, coming out of lock-in.
Lock-in expiry does not automatically mean selling pressure
Nuvama said investors should distinguish between shares becoming eligible for trading and actual selling activity.
The brokerage noted that a sizeable proportion of the unlocking shares continue to be held by promoters and promoter-group entities. Consequently, the actual number of shares that reach the market could be significantly lower than the headline lock-in expiry numbers.
Conclusion
The next three months are set to be one of the busiest periods for IPO lock-in expiries, with restrictions ending for shareholders across 53 companies. While marquee names such as Bharat Coking Coal, JSW Cement, Shadowfax Technologies, Sri Lotus Developers, Brigade Hotel Ventures, Hexaware Technologies, Vikram Solar, Amagi Media Labs, Aye Finance, Fractal Analytics, Indiqube Spaces and Smartworks Coworking account for some of the largest upcoming unlocks, Nuvama said investors should avoid equating lock-in expiry with immediate selling. As the brokerage noted, a meaningful portion of these shares remains with promoters and promoter groups, meaning the actual increase in market supply could be considerably lower than the total value of shares becoming eligible for trading.
Disclaimer: This article provides data and market commentary regarding the upcoming IPO lock-in expiries for multiple companies, based on institutional research. The details presented are for informational and tracking purposes only and do not constitute individual investment advice, financial planning guidance, or a solicitation to buy, sell, or hold any security. Because a lock-in expiry reflects share eligibility rather than guaranteed selling volume, readers should evaluate individual stock fundamentals and consult a SEBI-registered investment advisor before making trade decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.
