Pre-listing shareholder lock-ins worth nearly $48 billion across 79 recently listed companies will become eligible for trading between May 12 and August 31, 2026, according to a report released by Nuvama Alternative and Quantitative Research.
The brokerage tracked one-month, three-month, six-month, one-year and one-and-a-half-year lock-in expiries across companies listed till May 11, 2026. While a sizeable portion of these shares continues to remain with promoters and promoter-group entities, several upcoming expiry windows involve large institutional and non-promoter holdings.
The report places Meesho, Billionbrains Garage Ventures, Bharat Coking Coal, JSW Cement, Pine Labs, Aegis Vopak Terminals, Vishal Mega Mart and Shadowfax Technologies among the biggest lock-in events lined up through August.
Nuvama Alternative and Quantitative Research said in the report, “Not all of these shares will come for sale as a sizable portion of these shares are also held by Promoter and Group.”
Billionbrains Garage Ventures, Pine Labs lead the May calendar
Billionbrains Garage Ventures, the parent company of Groww, will see 4,181.9 million shares become eligible for trading on May 12 under a six-month lock-in expiry. The unlocked quantity accounts for 68% of total outstanding shares, making it the largest unlock by volume in the May calendar.
The IPO issue size stood at Rs 66,300 crore and the issue price was Rs 100. According to the report, the stock has gained 31% from its listing day close and is trading 100% above its issue price. Nuvama valued the lock-in opening at $8,794 million.
May 13 carries one of the busiest expiry schedules in the report.
Pine Labs Ltd. will see 923.6 million shares become eligible for trading under a six-month lock-in expiry. The unlocked quantity accounts for 80% of outstanding shares, among the highest percentages in the report.
The IPO issue size stood at Rs 39,000 crore at an issue price of Rs 221. According to Nuvama Alternative and Quantitative Research, the stock is trading 11% below its issue price and remains 30% below its 52-week high.
Fractal Analytics Ltd. will see 6.9 million shares unlock on May 13 under a three-month expiry window. A much larger tranche involving 87 million shares, equivalent to 51% of outstanding shares, becomes eligible for trading on August 14.
Aye Finance Ltd. also appears twice in the report. The company first sees 17.6 million shares unlock on May 13, followed by another 145.6 million shares on August 13. The second tranche accounts for 59% of outstanding shares.
Niva Bupa Health Insurance will see 365.8 million shares become eligible for trading on May 13, accounting for 20% of outstanding shares.
Nuvama Alternative and Quantitative Research said in the report that it conducted “an extensive analysis encompassing all shareholders, both promoters and non-promoters, for these companies.”
Other May lock-in expiries tracked by Nuvama
Apart from Billionbrains Garage Ventures, Pine Labs and Niva Bupa Health Insurance, the May schedule includes a broad mix of industrial, financial, healthcare and consumer-focused companies.
Om Power Transmission will see 1.3 million shares, equivalent to 4% of outstanding shares, become eligible for trading on May 15 under a one-month lock-in expiry.
Tenneco Clean Air India will see 228.9 million shares unlock on May 18, accounting for 57% of outstanding shares, while Physicswallah will see 259.4 million shares become eligible for trading on the same day under a six-month expiry window. Aadhar Housing Finance will also see 85.7 million shares unlock on May 18.
🔓 IPO Lock-in Expiry: $48 Billion Unlock
The May 20 schedule includes Emmvee Photovoltaic Power, Fujiyama Power Systems and Capillary Technologies . Fujiyama Power Systems will see 49.2 million shares unlock, representing 16% of outstanding shares, while Capillary Technologies will see 44.4 million shares become eligible for trading, accounting for 56% of outstanding shares.
Sudeep Pharma, Borana Weaves, Gaudium IVF And Women Health, Clean Max Enviro Energy Solutions and PNGS Reva Diamond Jewellery also feature in the May calendar.
Borana Weaves will see 12.1 million shares unlock on May 27, accounting for 45% of outstanding shares. Clean Max Enviro Energy Solutions will see 4.4 million shares become eligible for trading on May 27 under a three-month lock-in expiry, while PNGS Reva Diamond Jewellery will see 2.2 million shares unlock on May 29.
According to Nuvama Alternative and Quantitative Research, the May to August study covers “shareholder lock-ins set to unravel” across companies listed till May 11, 2026.
Meesho tops the report by unlock value
Meesho carries the largest unlock value among all companies covered in the study.
The company will see 3,083.3 million shares become eligible for trading on June 10 under a six-month lock-in expiry. The unlocked quantity accounts for 68% of total outstanding shares.
The IPO issue size stood at Rs 54,200 crore at an issue price of Rs 111.
Nuvama Alternative and Quantitative Research valued the unlock at $6,279 million, the highest figure in the report.
According to brokerage data, the stock has gained 53% from its listing day close and is trading 75% above its issue price.
Aegis Vopak Terminals will see 741.6 million shares become eligible for trading on June 8. The unlocked quantity represents 67% of outstanding shares.
The IPO issue size stood at Rs 28,000 crore at an issue price of Rs 235. The report shows the stock is trading 12% below its issue price and remains 32% below its 52-week high.
ICICI Prudential Asset Management Company appears twice in June. The company first sees 2.5 million shares unlock on June 10, followed by another 343.9 million shares on June 19. The second tranche accounts for 70% of outstanding shares.
Wakefit Innovations also appears twice in the June calendar. The company first sees 4 million shares unlock on June 3 before another 161.3 million shares become eligible for trading on June 12. The second tranche accounts for 49% of outstanding shares.
CORONA Remedies will see 42.8 million shares unlock on June 12, equivalent to 70% of outstanding shares.
Vishal Mega Mart will see 923.3 million shares become eligible for trading on June 17 under a one-and-a-half-year lock-in expiry. The unlocked quantity accounts for 20% of outstanding shares.
According to the report, Vishal Mega Mart has gained 44% from its listing day close and is trading 56% above its issue price.
Other major June names include Belrise Industries, Schloss Bangalore, OnEMI Technology Solution, SEDEMAC Mechatronics, Aequs, Vidya Wires, Ikio Lighting, Park Medi World, Nephrocare Health Services, Sai Life Sciences, GSP Crop Science, Inventurus Knowledge Solutions, One Mobikwik Systems, Oswal Pumps, KSH International, Central Mine Planning and Design Institute Limited, Sai Parenteral, Powerica, Amir Chand Jagdish Kumar, Senores Pharmaceuticals, Transrail Lighting, Dam Capital Advisors, Carraro India and Mamata Machinery.
Bharat Coking Coal, Shadowfax among key July events
Bharat Coking Coal features among the largest expiry events in the July calendar.
The company will see 3,259.4 million shares become eligible for trading on July 17 under a six-month lock-in expiry. The unlocked quantity accounts for 70% of outstanding shares.
The IPO issue size stood at Rs 10,700 crore at an issue price of Rs 23.
According to the report, the stock has gained 76% from its listing day close and is trading 43% above its issue price.
Amagi Media Labs will see 121.1 million shares unlock on July 20, accounting for 56% of outstanding shares. The stock is trading 4% below its listing day close but remains 16% above its issue price.
Shadowfax Technologies will see 259.8 million shares become eligible for trading on July 24 under a six-month lock-in expiry. The unlocked quantity represents 45% of total outstanding shares.
The IPO issue size stood at Rs 19,100 crore at an issue price of Rs 124. According to Nuvama Alternative and Quantitative Research, the stock is trading 11% below its listing day close while remaining 36% above its issue price.
Other July unlocks include Kalpataru, Unimech Aerospace and Manufacturing, Ellenbarrie Industrial Gases, Gujarat Kidney and Super Speciality, Sambhv Steel Tubes, Indogulf Cropsciences, Indo Farm Equipment, Standard Glass Lining Technology, Quadrant Future Tek, Smartworks Coworking, Stallion India Fluorochemicals, Anand Rathi Share and Stock Brokers, Indiqube Spaces and Brigade Hotel Ventures.
JSW Cement, Hexaware among the largest August unlocks
JSW Cement features prominently in the August expiry calendar tracked by Nuvama Alternative and Quantitative Research.
The company will see 602.7 million shares become eligible for trading on August 13 under a one-and-a-half-year lock-in expiry. The unlocked quantity accounts for 44% of outstanding shares.
The IPO issue size stood at Rs 36,000 crore at an issue price of Rs 147.
According to the report, the stock is trading 15% below its issue price.
Hexaware Technologies will see 121.6 million shares become eligible for trading on August 18. The unlocked quantity accounts for 20% of outstanding shares.
The IPO issue size stood at Rs 87,500 crore at an issue price of Rs 708. According to the report, the stock is trading 29% below its issue price.
Vikram Solar will see 122.8 million shares unlock on August 24, accounting for 34% of outstanding shares. The report shows the stock is trading 36% below its issue price.
Shreeji Shipping Global carries one of the highest unlock percentages in August. The company will see 103.8 million shares become eligible for trading on August 25, equivalent to 64% of total outstanding shares.
Other August names in the report include Sri Lotus Developers, M and B Engineering, Denta Water and Infra, All Time Plastics, Ajax Engineering, Gem Aromatics, Clean Max Enviro Energy Solutions, Fractal Analytics, Aye Finance, Gaudium IVF and Women Health and Mangal Electrical Industries.
What the Nuvama report tracked
Nuvama Alternative and Quantitative Research said the study covers all shareholder categories across companies listed till May 11, 2026.
Several companies in the report carry unlock quantities exceeding 50% of outstanding shares, including Pine Labs, Meesho, Bharat Coking Coal, Fractal Analytics, Aegis Vopak Terminals, Clean Max Enviro Energy Solutions, CORONA Remedies and Shreeji Shipping Global.
The brokerage said in the report, “We have conducted an extensive analysis encompassing all shareholders, both promoters and non-promoters, for these companies.”
Conclusion
With several high-profile IPO names approaching lock-in expiry windows over the next four months, the Nuvama Alternative and Quantitative Research report points to one of the busiest share unlock periods seen in recent years. While promoter holdings may limit actual market supply in some counters, the scale of upcoming expiries across companies such as Meesho, Pine Labs, Bharat Coking Coal, JSW Cement and Shadowfax Technologies is likely to keep these stocks firmly on market watchlists through August.
Disclaimer: This report on IPO lock-in expiries is for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy, sell, or hold any security. Given the potential for significant market volatility following large-scale share unlocks, investors should consult with a SEBI-registered financial advisor to evaluate specific risks and portfolio impacts. The data sourced from third-party research has not been independently verified; please ensure you verify all investment details before making financial decisions.
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