Massive IPO Lock-In Expiry Wave Ahead; Shares Worth $48 Billion Set To Unlock Across 79 Companies

A considerable number of freshly listed companies are nearing the expiration of their initial public offering (IPO) lock-in periods, and shares valued at almost $48 billion are expected to be qualified for trading in the coming months.

According to a report by a domestic brokerage house, lock-in expiries between May and August could impact 79 listed companies across sectors such as fintech, quick commerce, insurance, logistics, manufacturing and consumer businesses.

The brokerage tracked one-month, three-month, six-month, one-year and 18-month lock-in schedules for companies listed until 11 May 2026.

Groww Parent Among The List In May

One of the largest expiries was in Billionbrains Garage Ventures, the parent of Groww, where over 4.18 billion shares became eligible for trading on 12 May under a six-month lock-in period.

The unlocked portion makes up nearly 68% of the company’s outstanding equity.

Pine Labs, PhysicsWallah Also On Watch

Pine Labs is another major name in the May calendar. More than 923 million shares became tradable after the expiry window opened on 13 May.

The quantity represents around 80% of the company’s total outstanding shares, making it one of the highest percentage unlocks in the report.

Several other companies are also scheduled for lock-in expiry during May, including:

• PhysicsWallah

• Niva Bupa Health Insurance

• Capillary Technologies

• Aadhar Housing Finance

Meesho Leads By Unlock Value

Quick commerce and e-commerce platform Meesho is expected to see one of the biggest unlocks by value in June.

More than 3 billion shares are set to become eligible for trading under the six-month lock-in expiry schedule. The brokerage estimated the unlock value at over $6 billion.

The company’s stock has traded well above its IPO price since listing, supported by strong investor interest in new-age internet companies.

Several Other Big Names Included

The report also highlighted upcoming lock-in expiries in companies such as:

• Shadowfax Technologies

• JSW Cement

• Hexaware Technologies

• Vishal Mega Mart

• Aegis Vopak Terminals

• Fractal Analytics

Many of these companies are expected to remain closely watched as large shareholder groups become eligible to trade their holdings.

Lock-In Expiry Does Not Always Mean Selling

Brokerages and market analysts noted that not all unlocked shares necessarily enter the market immediately.

A significant portion of the holdings still remains with promoters, founders, strategic investors and group entities, which may continue to hold shares even after restrictions are removed.

Still, lock-in expiry periods often lead to higher volatility as traders monitor possible institutional selling and changes in shareholding patterns.

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Investor Takeaway

The large number of upcoming unlocks also reflects the busy IPO market seen over the last 18 months.

India’s primary market has witnessed a steady flow of listings across technology, finance, manufacturing and consumer sectors, with several venture-backed firms entering public markets during this period.

With names like Meesho, PhysicsWallah, Groww’s parent Billionbrains, Pine Labs and Shadowfax entering key expiry windows, investor attention is likely to remain firmly on newly listed stocks through August.

Sources:

Financial Express

India IPO

Moneycontrol