IPO Lock-in Expiry: $35 billion in shares set to unlock across 116 companies; Jio, NSE, Zetwerk in focus

The upcoming IPO lock-in expiries could put nearly $35 billion worth of shares on investors' radar over the next few months, as pre-listing shareholder lock-in periods across 116 companies are set to end between 9 November 2026 and 26 February 2027.

The list includes several prominent recent listings, such as Jio Platforms, Zetwerk Manufacturing Business, Shiprocket, Milky Mist Dairy Food, SBI Funds Management and the National Stock Exchange of India (NSE). However, unlocking shares does not necessarily mean they will be sold in the market. A substantial portion of the shares is held by promoters and their groups, who may continue to hold their stakes.

According to an analysis by Nuvama Institutional Equities, the aggregate value of shares becoming eligible for trading during this period is estimated at around $35 billion. The brokerage has analysed promoter and non-promoter shareholdings across companies listed up to 5 November 2026.

Here's a closer look at the upcoming IPO lock-in expiries, the companies in focus and the shareholding blocks set to unlock.

IPO lock-in expiry: Why should investors watch November to February?

IPO lock-in periods prevent certain shareholders, including promoters, anchor investors and pre-listing investors, from selling their shares for a specified period after a company's listing. Once the restriction ends, these shareholders become eligible to sell their holdings, potentially increasing the supply of shares in the market.

Nuvama Institutional Equities has identified 116 companies whose pre-listing shareholder lock-ins are scheduled to expire between 9 November 2026 and 26 February 2027. The aggregate value of these shares is estimated at around $35 billion.

However, the brokerage cautioned that the entire unlocked shareholding should not be viewed as potential selling pressure, as a significant portion is held by promoters and promoter groups. The actual market impact will depend on shareholders' decisions and the proportion of shares they choose to sell.

IPO lock-in expiry in November: Zetwerk, Jio Platforms, Shiprocket in focus

The near-term calendar features several notable companies, with lock-in expiries scheduled through November and early December.

Among the one-month lock-in expiries, Zetwerk Manufacturing Business is set to see 75 million shares, or around 4% of its outstanding equity, become eligible for trading on November 20. Jio Platforms is scheduled to see 36 million shares, representing 0.4% of its outstanding shares, unlock on November 25.

Other companies in this category include HD Fire Protect, Fusion CX, Sahajanand Medical Technologies, Bonfiglioli Transmissions, Tonbo Imaging India, Paras Healthcare, SFC Environmental Technologies, BLS Polymers and EAAA India Alternatives.

M.K. Sons Fine Jewels and Bombay Coated & Special Steels are also scheduled to see their respective lock-in periods end in early December.

Three-month lock-in expiries: Shiprocket, NSE and Horizon Industrial Parks

The three-month lock-in category features some sizeable shareholding blocks.

Horizon Industrial Parks is scheduled to see 97 million shares, equivalent to 3% of its outstanding equity, unlock on 18 November. Shiprocket has 37 million shares, or 5% of its outstanding equity, scheduled to become eligible for trading on 16 November.

LEAP India is set to see 23 million shares, representing 5% of its outstanding equity, unlock on 11 November, while Milky Mist Dairy Food has 17 million shares, or 2%, scheduled to unlock on 12 November.

Other companies featuring in the November and early December calendar include Ardee Industries, Dhoot Transmission, Molbio Diagnostics, Technocraft Ventures, Lalithaa Jewellery Mart, Symbiotec Pharmalab, Lumino Industries and ESDS Software Solution.

The NSE also features multiple smaller lock-in expiries during this period.

Six-month lock-in expiry: SBI Funds Management, Turtlemint and CMR Green in focus

The six-month lock-in category contains some of the largest shareholding blocks relative to companies' outstanding equity.

SBI Funds Management is scheduled to see 1.428 billion shares, representing 70% of its outstanding equity, unlock on 18 January. CMR Green Technologies has 142 million shares, or 65% of its outstanding equity, scheduled to unlock on 9 December.

Turtlemint Fintech Solutions is set to see 160 million shares, equivalent to 54% of its outstanding equity, unlock on 28 December. Hexagon Nutrition has 67 million shares, or 54%, scheduled to unlock on 15 December.

Other significant expiries include:

Laser Power & Infra: 78 million shares, or 55%, on 18 January.

CSM Technologies: 28 million shares, or 55%, on 4 January.

Knack Packaging: 43 million shares, or 35%, on 11 January.

Aastha Spintex: 11 million shares, or 25%, on 5 January.

Kusumgar: 63 million shares, or 60%, on 14 January.

The NSE also has multiple smaller lock-in expiries scheduled in January, while Caliber Mining and Logistics features several unlock dates between December and January.

Will IPO lock-in expiries trigger selling pressure?

The upcoming lock-in expiries will put several recently listed companies in the spotlight, particularly those in which a large proportion of outstanding equity becomes eligible for trading.

However, investors should distinguish between shares becoming available for sale and shareholders actually selling. As Nuvama points out, the estimated $35 billion represents the value of shares whose lock-in restrictions are scheduled to end, not the value of shares certain to enter the market.

The actual impact on stock prices will depend on the nature of the shareholders, their willingness to exit, the size of their holdings and prevailing market conditions.

For investors, tracking the lock-in expiry calendar alongside promoter and institutional shareholding patterns could help identify stocks that may face increased supply or volatility in the coming months.