$53 billion! Dalal Street braces for 85 IPO lock-in expiries in next 3 months. Check details

Dalal Street is heading into a busy phase of IPO lock-in expiries, with a significant portion of pre-listing shareholder restrictions set to be lifted over the next three months. According to estimates by Nuvama Alternative & Quantitative Research, as many as 85 companies will see their lock-ins expire between February 16 and May 27, 2026, potentially unlocking stock worth nearly $53 billion.

The value refers to the total shares becoming eligible for trading as lock-up periods end. However, not all of these shares are expected to be sold in the secondary market, as a substantial portion remains held by promoter groups who typically continue to retain their stakes.

Among notable unlocks, Amagi Media Labs will see 11 million shares, representing 5%, become eligible on February 18, while Shadowfax Technologies will have 35 million shares or 6% unlocked on February 23.

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In the three-month lock-in category, Tenneco Clean Air India will see 14 million shares or 3% open on February 16, alongside Fujiyama Power Systems with 5 million shares or 2%. Capillary Technologies will have 3 million shares or 4% unlocked on February 17, followed by Excelsoft Tech with 6 million shares or 5% on February 23, and Sudeep Pharma with 2 million shares or 2% on February 24.

For six-month lock-ins, JSW Cement will see 2 million shares or 0.1% become eligible on February 16, Highway Infrastructure 39 million shares or 54%, BlueStone Jewellery 58 million shares or 38%, and All Time Plastics 1 million shares or 2% on the same day. Vikram Solar will unlock 104 million shares or 29% on February 23, Regaal Resources 52 million shares or 50%, and Jaro Institute of Technology 0.3 million shares or 1%. Shreeji Shipping Global will see 10 million shares or 6% open on February 25, Patel Retail 17 million shares or 51% on the same day, and Gem Aromatics 10 million shares or 18% on February 26.
While lock-in expiries are a routine part of the IPO cycle, clustered unlocks of this scale tend to attract attention and can weigh on stock prices in the short term. Nuvama noted that despite the headline figure of $53 billion, the actual market impact will depend on how much of the eligible stock is eventually offered for sale.The upcoming lock-in expiries coincide with a phase of caution among foreign institutional investors, who have flagged relatively high valuations in Indian equities compared with other emerging markets. If FII selling persists at the current pace, the incremental supply from these unlocks could intensify pressure on select stocks. On the other hand, a more supportive global environment may help the market absorb part of the additional supply more comfortably.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)