BREAKING
Shares worth $35 billion set to unlock across 116 companies as IPO lock-ins expire
Nuvama analysis shows pre-listing restrictions ending for 116 companies between November and February, though promoter retention may limit market supply.
Pre-listing shareholding lock-in periods across 116 companies are scheduled to end between 9 November 2026 and 26 February 2027, freeing up an aggregate $35 billion worth of equity for potential trading, according to an analysis by Nuvama Institutional Equities.
The research, which examined promoter and non-promoter shareholding patterns for businesses listed up to 5 November 2026, highlighted prominent listings including Jio Platforms, Zetwerk Manufacturing Business, Shiprocket, SBI Funds Management, Milky Mist Dairy Food, and the National Stock Exchange of India (NSE).
However, Nuvama noted that the end of a lock-in restriction does not automatically translate into market selling. A major portion of the eligible equity remains in the hands of promoters and promoter groups who may decide to hold their positions.
Why it matters
For institutional investors, founders, and market operators, the lock-in calendar marks potential shifts in liquidity and supply for recent listings. While early-stage investors and anchor participants gain the legal right to sell, large institutional blocks—particularly those held by parent entities—frequently remain untouched.
Where non-promoter financial investors hold substantial unlocked equity, stocks often face short-term price volatility. Conversely, listings with high promoter concentration may see minimal actual secondary market supply despite significant headline unlock figures.
Near-term lock-in expiries
The one-month and three-month expiry windows feature several major technology, manufacturing, and logistics companies. Zetwerk Manufacturing Business has 75 million shares—equal to 4% of its total equity—becoming eligible for trading on 20 November 2026. Jio Platforms will see 36 million shares, representing 0.4% of its outstanding equity, reach lock-in expiry on 25 November 2026.
In the logistics and retail categories, Shiprocket is scheduled to have 37 million shares (5% of equity) unlock on 16 November 2026, while Horizon Industrial Parks will see 97 million shares (3% of equity) become eligible on 18 November 2026.
| Company | Shares eligible | Equity share | Lock-in expiry date | Lock-in category |
|---|---|---|---|---|
| LEAP India | 23 million | 5% | 11 November 2026 | 3-month |
| Milky Mist Dairy Food | 17 million | 2% | 12 November 2026 | 3-month |
| Shiprocket | 37 million | 5% | 16 November 2026 | 3-month |
| Horizon Industrial Parks | 97 million | 3% | 18 November 2026 | 3-month |
| Zetwerk Manufacturing | 75 million | 4% | 20 November 2026 | 1-month |
| Jio Platforms | 36 million | 0.4% | 25 November 2026 | 1-month |
| CMR Green Technologies | 142 million | 65% | 9 December 2026 | 6-month |
| Hexagon Nutrition | 67 million | 54% | 15 December 2026 | 6-month |
| Turtlemint Fintech Solutions | 160 million | 54% | 28 December 2026 | 6-month |
| CSM Technologies | 28 million | 55% | 4 January 2027 | 6-month |
| Advit Jewels | 24 million | 53% | 4 January 2027 | 6-month |
| Aastha Spintex | 11 million | 25% | 5 January 2027 | 6-month |
| Knack Packaging | 43 million | 35% | 11 January 2027 | 6-month |
| Kusumgar | 63 million | 60% | 14 January 2027 | 6-month |
| SBI Funds Management | 1.428 billion | 70% | 18 January 2027 | 6-month |
| Laser Power & Infra | 78 million | 55% | 18 January 2027 | 6-month |
Additional companies with lock-in expiries in November and early December include HD Fire Protect, Fusion CX, Sahajanand Medical Technologies, Bonfiglioli Transmissions, Tonbo Imaging India, Paras Healthcare, SFC Environmental Technologies, BLS Polymers, EAAA India Alternatives, M.K. Sons Fine Jewels, and Bombay Coated & Special Steels.
Further out in the three-month schedule are Ardee Industries, Dhoot Transmission, Molbio Diagnostics, Technocraft Ventures, Lalithaa Jewellery Mart, Symbiotec Pharmalab, Lumino Industries, and ESDS Software Solution, along with multiple smaller lock-in expiries for the National Stock Exchange of India.
Large equity blocks in six-month expiries
The six-month lock-in window contains the highest concentration of total company equity reaching expiry. SBI Funds Management has 1.428 billion shares—representing 70% of its total equity—scheduled to unlock on 18 January 2027.
Similarly, CMR Green Technologies has 142 million shares (65% of equity) unlocking on 9 December 2026, and Turtlemint Fintech Solutions has 160 million shares (54% of equity) scheduled for release on 28 December 2026. Hexagon Nutrition will see 67 million shares (54% of equity) complete their lock-in on 15 December 2026.
Other notable six-month expiries include Laser Power & Infra (78 million shares, 55%), CSM Technologies (28 million shares, 55%), Advit Jewels (24 million shares, 53%), Knack Packaging (43 million shares, 35%), Aastha Spintex (11 million shares, 25%), and Kusumgar (63 million shares, 60%). The NSE also has several smaller lock-in dates across January 2027, while Caliber Mining and Logistics has unlock dates spanning December 2026 and January 2027.
Market impact and actual supply
Market analysts stress that an aggregate head-count value of $35 billion does not mean $35 billion of stock will hit the market. Whether lock-in expiries generate actual selling pressure depends heavily on who holds the shares.
Where shares are controlled by strategic founders or corporate parent groups, post-lock-in trading volumes usually remain low. Conversely, where private equity or venture capital funds face fund-lifecycle deadlines, block deals and open-market sales are more frequent. Market participants will monitor promoter holding levels and institutional filings as each lock-in date approaches.