Shares worth about $35 billion are set to become eligible for trading over the next three months as lock-in restrictions expire for shareholders of several recently listed companies, according to Nuvama Alternative & Quantitative Research.
The brokerage’s analysis shows that major companies including Meesho, Aequs, ICICI Prudential Asset Management Company, Bharat Coking Coal, Shadowfax Technologies, Fractal Analytics and Aye Finance are scheduled to witness significant lock-in expiries between June 5 and August 31, 2026.
Nuvama said the figure represents the value of shares becoming eligible for trading after lock-in restrictions end. The brokerage cautioned that not all of those shares are expected to come to market because a sizeable portion continues to be held by promoters and promoter groups.
Nuvama says $35 billion worth of shares will become eligible for trading
Nuvama’s study identified 70 companies that are scheduled to witness pre-listing shareholder lock-in expiries between May 26 and August 31, 2026, with a large concentration of events occurring after June 5.
Explaining the scale of upcoming expiries, Nuvama said, “Between 26th May 2026, and 31st Aug 2026, a total of 70 companies are slated to have their pre-listing shareholder lock-ins lifted amounting to the value of $35bn.”
The brokerage added, “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.”
According to the report, the analysis covers all categories of lock-ins, including one-month, three-month, six-month and one-year restrictions applicable to pre-listing shareholders.
Meesho is set for one of the largest lock-in expiry events
Among the companies facing upcoming lock-in expiries, Meesho stands out because of both the number of shares involved and their proportion of outstanding equity.
Nuvama’s analysis shows that 3,083 million shares representing 68% of Meesho’s outstanding equity are scheduled to become eligible for trading on June 10, 2026. The event ranks among the largest lock-in expiries during the period covered by the report.
The brokerage’s data also shows that Meesho’s shares were trading 77% above their issue price as of May 25, 2026.
Aequs and ICICI Prudential Asset Management Company face key June expiries
Several sizeable lock-in expiry events are scheduled during June.
According to Nuvama, 145.9 million shares representing 22% of Aequs’ outstanding equity are due to become eligible for trading on June 9, 2026. The stock was trading 74% above its issue price as of May 25, 2026.
ICICI Prudential Asset Management Company is also set to witness a significant lock-in expiry. Nuvama’s analysis shows that 343.9 million shares, equivalent to 70% of outstanding equity, are scheduled to become eligible for trading on June 19, 2026.
The brokerage’s data indicates that the stock was trading 55% above its issue price at the time of the study.
Vishal Mega Mart, MobiKwik and Inventurus among notable June events
The report also identifies several other companies with large lock-in expiries scheduled during June.
Vishal Mega Mart is set to see 1,902.5 million shares representing 71% of outstanding equity become eligible for trading on June 17, 2026.
One MobiKwik Systems is scheduled to witness 70.7 million shares, or 91% of its outstanding equity, become eligible for trading on June 18, 2026.
Inventurus Knowledge Solutions is also due for a major lock-in expiry on June 18, when 139.6 million shares representing 67% of outstanding equity are scheduled to become eligible for trading.
According to Nuvama’s data, these rank among the larger lock-in expiry events scheduled during the month.
Bharat Coking Coal headlines the July calendar
July is expected to feature one of the largest lock-in expiry events in percentage terms.
Nuvama’s analysis shows that Bharat Coking Coal is scheduled to witness lock-in restrictions expire on 3,259.4 million shares on July 17, 2026. Those shares represent 70% of the company’s outstanding equity.
$35 Billion Worth of IPO Lock-ins Expiring (Jun–Aug 2026)
The brokerage’s data shows that the stock was trading 57% above its issue price as of May 25, 2026.
The report identifies Bharat Coking Coal as one of the most significant lock-in expiries scheduled during the review period because of the size of the shareholding becoming eligible for trading.
Shadowfax, Fractal Analytics and Aye Finance feature in August
August is also expected to witness several large lock-in expiry events.
According to Nuvama, 259.8 million shares representing 45% of Shadowfax Technologies’ outstanding equity are scheduled to become eligible for trading on July 24, 2026.
Fractal Analytics is due to see 87 million shares, equivalent to 51% of outstanding equity, become eligible for trading on August 14, 2026.
Aye Finance is scheduled to witness lock-in restrictions expire on 145.6 million shares representing 59% of outstanding equity on August 13, 2026.
The report also identifies Clean Max Enviro Energy Solutions among the companies with notable lock-in expiry events during the period.
Why lock-in expiries attract market attention
Lock-in expiries mark the end of restrictions that prevent pre-listing shareholders from selling their shares immediately after a company’s listing.
Nuvama’s study does not attempt to forecast actual selling activity. Instead, it identifies the scale and timing of upcoming lock-in expiries across recently listed companies.
The brokerage emphasised that eligibility to sell does not necessarily translate into selling activity because many of the affected shares continue to be held by promoters and promoter groups.
Conclusion
Nuvama’s latest analysis points to an active period for recently listed companies, with shares worth approximately $35 billion becoming eligible for trading through August 2026. Meesho, Aequs, ICICI Prudential Asset Management Company, Vishal Mega Mart, One MobiKwik Systems, Bharat Coking Coal, Shadowfax Technologies, Fractal Analytics and Aye Finance are among the companies facing significant lock-in expiries after June 5.
While the report does not predict how many of those shares will ultimately be sold, it highlights a packed calendar of lock-in expiries that market participants are likely to monitor closely over the coming months.
Disclaimer: The share lock-in details, percentage expiries, and listing premiums discussed in this report are based on quantitative research from Nuvama Alternative & Quantitative Research and are intended for informational purposes only. While a lift in lock-in restrictions increases the total volume of shares eligible for trading, it does not automatically indicate an offer for sale or predict immediate supply pressure in the market. Individual investment choices should align with specific financial goals and asset allocation plans; therefore, readers are advised to consult a SEBI-registered investment advisor or a qualified financial professional before executing capital allocations or making trading decisions based on this data.
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