IPO lock-in expiry: Shares worth ₹6.6 lakh crore from 88 companies to unlock over next three months

At a time when the secondary market is grappling with sharp volatility amid escalating tensions in the Middle East and a spike in crude oil prices, shares worth nearly ₹6.6 lakh crore are set to hit the market over the next three months as lock-in periods for early investors in newly listed companies begin to expire.

According to a report by Nuvama Wealth Management’s Alternative and Quantitative Research team, 88 companies will see their pre-listing shareholder lock-ins lifted between March 11 and June 29, 2026, potentially unlocking shares valued at about $72 billion (around ₹6.6 lakh crore).

The value represents the total shares that will become eligible for sale once lock-in restrictions end. However, the brokerage noted that not all of these shares will necessarily be sold, as a significant portion remains held by promoters and promoter group entities that typically retain long-term strategic stakes.

The report comes at a time when the primary market is showing signs of mixed post-listing performance. Data indicates that nearly two-thirds of IPOs listed in 2026 are currently trading below their issue price, reflecting weaker investor sentiment amid broader market volatility.

1-month share lock-in expiry

As many as six IPOs will see their one-month share lock-in period expire in March and April, according to the report. Fractal Analytics will see around 7 million shares (4% of total outstanding shares) become eligible for trading on March 16, the same day when Aye Finance will have 18 million shares (7%) coming out of lock-in.

Later in the month, Gaudium IVF and Women Health will see 3 million shares (4%) unlocked on March 27, followed by PNGS Reva Diamond Jewellery, where 2 million shares (7%) will become tradable, and Clean Max Enviro Energy Solutions, with 4 million shares (4%), on March 30. In April, Omnitech Engineering will see around 4 million shares (3%) becoming eligible for trading on April 1.

3-month share lock-in expiry

The data showed that 16 companies will witness share lock-in expiries over the next three months. This includes Wakefit Innovations, where around 15 million shares (5% of total equity) will become eligible for sale from March 11.

Shares worth 9 million (2%) in Park Medi World will see restrictions lifted on March 16, while 7 million shares (1%) of ICICI Prudential AMC will become tradable from March 17.

Other firms with upcoming lock-in expiries during the period include Shadowfax Technologies, Fractal Analytics, Clean Max Enviro Energy Solutions, and Gaudium IVF and Women Health, where relatively smaller portions of equity will gradually become eligible for trading.

6-month share lock-in expiry

A number of six-month lock-in expiries — typically applicable to pre-IPO investors — are also lined up in the coming months. Some of the largest potential unlocks include Urban Company, where about 941 million shares (66%) could become tradable, and Lenskart, which may see over 1 billion shares (60%) unlocked.

Similarly, significant supply could emerge from companies such as Pine Labs, Meesho, and Canara HSBC Life Insurance, where large portions of pre-listing investor holdings are scheduled to become eligible for sale.

Nearly two-thirds of 2026 IPOs slip below issue price

Out of the 11 mainboard IPOs listed in 2026, seven are currently trading below their issue price, amid a sharp correction in the secondary market, with benchmark indices - Sensex and Nifty - declining nearly 9% year-to-date (YTD).

Companies such as Shadowfax Technologies, Shree Ram Twistex, Omnitech Engineering, Amagi Media Labs, Fractal Analytics, Aye Finance, and Clean Max Enviro Energy Solutions are trading below their respective IPO prices. In contrast, four IPOs - Bharat Coking Coal, PNGS Reva Diamond Jewellery, Sedemac Mechatronics, and Gaudium IVF and Women Health - are trading above their issue price.