A large block of pre-IPO holdings across India’s newly listed companies is approaching the end of its mandatory holding period, with 88 firms scheduled to see shareholder lock-ins expire between March 11 and June 29. Nuvama Alternative and Quantitative Research estimates that the combined value of these shares amounts to roughly $72 billion (approximately Rs 5.98 lakh crore), marking one of the heaviest clusters of lock-in expiries following last year’s listing activity.
What happens when IPO lock-in expires?
One thing worth noting upfront is that unlocking does not automatically mean selling. A large chunk of these shares sits with promoter groups who are unlikely to offload in a hurry. But for stocks where the locked-in shares form a high percentage of total outstanding equity, the market tends to stay cautious in the days leading up to and just after the expiry.
“Between March 11 and June 29, a total of 88 companies are slated to have their pre-listing shareholder lock-ins lifted, amounting to the value of $72 billion,” the Nuvama report noted.
The study notes that the figures represent the total quantity of shares whose restrictions expire during this window. Whether those shares actually reach the market depends on the action taken by the shareholders, the firm clarified.
“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,” as noted in the report.
Wakefit Innovations to Corona Remedies: The expiries for March 12
The sequence begins immediately with multiple expiries clustered around March 12.
Wakefit Innovations had about 1.5 crore shares that became tradeable on March 11, equivalent to 5% of total outstanding equity. The same day the ock-ins for Corona Remedies also expired, where 9 lakh shares, representing 2% of outstanding stock, became free to trade.
The following day brings the second tranche of unlocks for Amanta Healthcare. Around 1 crore shares, accounting for 26% of outstanding equity, open on March 11, followed by an additional 10 lakh shares, or 2% of equity, on March 12.
The same period also includes a smaller unlock for GK Energy, where roughly 7 lakh shares, or about 0.3% of outstanding equity, become tradeable.
“We have conducted an extensive analysis encompassing all shareholders, both promoters and non-promoters, for these companies. Our study encompasses businesses listed up until 8th Mar 2026,” as quoted in the report.
Companies with one-month lock-ins expiring in March
Several companies approach the end of their one-month pre-listing lock-in period during March.
Fractal Analytics reaches its first unlock on March 16, when around 69 lakh shares, or 4% of outstanding equity, become eligible for trading.
The same day brings a larger unlock at Aye Finance, where about 1.8 crore shares, equivalent to 7% of the company’s equity, exit the initial lock-in.
Later in the month, Gaudium IVF And Women Health faces a release of roughly 3 lakh shares, representing 4% of outstanding equity, scheduled for March 27.
Two more companies see similar events on March 30. PNGS Reva Diamond Jewellery has approximately 2 lakh shares, or 7% of equity, exiting lock-in, while Clean Max Enviro Energy Solutions sees about 44 lakh shares, equal to 4% of outstanding equity, becoming tradable.
Three-month IPO lock-ins expiring during March
The three-month category includes several healthcare, financial companies whose pre-IPO shareholders will be able to trade their holdings.
Park Medi World has approximately 85 lakh shares, equivalent to 2% of total equity, unlocking on March 16. The same day also sees Nephrocare Health Services releasing about 28 lakh shares, representing 3% of outstanding stock.
On March 17, ICICI Prudential Asset Management Company reaches its expiry date for roughly 69 lakh shares, or about 1% of outstanding equity.
Another unlock occurs on March 19, when KSH International sees around 27 lakh shares, amounting to 4% of total equity, become tradeable.
Later in the month, Gujarat Kidney and Super Speciality opens its lock-in window on March 27, releasing about 44 lakh shares, equivalent to 6% of the company’s equity.
“Our analysis encompasses businesses listed up until 8th Mar 2026,” the report added.
Large six-month unlocking in March
The six-month bucket carries some of the largest equity releases and contains several companies where a significant portion of outstanding shares becomes tradeable at once.
Urban Company sits at the centre of this group. Around 94.1 crore shares, representing 66% of outstanding equity, are scheduled to exit lock-in on March 17.
Dev Accelerator follows shortly after, with around 3.3 crore shares, equal to 37% of total equity, unlocking on March 19.
Another company approaching a substantial release is Euro Pratik Sales, where roughly 6.3 crore shares, or 62% of outstanding stock, become tradeable on March 23.
Ivalue Infosolutions also faces a significant unlock on March 24, when about 2.4 crore shares, representing 45% of equity, exit the six-month holding period.
A cluster of companies then reaches expiry dates in the final week of March, including VMS TMT, Saatvik Green Energy, Ganesh Consumer Products, Shringar House of Mangalsutra, Jaro Institute of Technology Management and Research, Atlanta Electricals, and Anand Rathi Share and Stock Brokers, each with varying proportions of outstanding equity becoming tradeable.
“The value pertains to the total lock-up opening shares,” the firm explained.
Major unlocking scheduled for April
The next wave of large releases arrives in April, led by several companies with extremely large pre-IPO shareholder bases.
Tata Capital has one of the biggest scheduled unlocks, with around 285.8 crore shares, equivalent to 67% of outstanding equity, set to become tradeable on April 13.
The same day also brings the six-month unlock for WeWork India, where roughly 6 crore shares, representing 45% of total equity, exit lock-in.
Two days later, LG Electronics India faces an expiry for approximately 44.1 crore shares, equal to 65% of its outstanding stock.
April also contains additional unlocks across companies including BMW Ventures, Advance Agrolife, Rubicon Research, Canara Robeco Asset Management Company, Canara HSBC Life Insurance, HSBC Life Insurance, Midwest, Capillary Technologies, and Tenneco Clean Air India.
“Not all of these shares will come for sale as a sizable portion of these shares are also held by Promoter & Group,” said Nuvama in its report.
What the lock-in expiries represent
The expiry of a lock-in period does not force any shareholder to sell. The restriction simply disappears, allowing holders who acquired shares before listing to trade them on the open market if they choose to do so.
Since the study includes both promoter holdings and institutional pre-IPO allocations, the actual volume that eventually reaches the market can differ significantly from the total quantity of shares becoming eligible for trading.
“It’s important to note that not all of these shares will come for sale,” as explained by the firm.
For traders and portfolio managers tracking newly listed companies, the calendar of lock-in expiries provides a forward view of when large quantities of equity may potentially become available in the secondary market, as per the firm.