September Lock-In Expiry: Shares Worth $2.3 Billion Set To Unlock

Shares worth an estimated $2.3 billion across 28 recently listed companies are set to become eligible for trading between 2 September and 30 September, as India heads into a busy month for initial public offering (IPO) lock-in expiries.

The unlocks cover 575 million shares. However, the entire pool may not enter the market, as a considerable portion is held by promoters and group companies.

Shares To Unlock During The First Week Of September

Five companies will see shares unlocked during the first week of September. They are:

• Manipal Health Enterprises

• Juniper Green Energy

• MV ElectroSystems

• PNGS Reva Diamond Jewellery

• Omnitech Engineering

Among the one-month lock-in expiries, Manipal Health Enterprises has 35 million shares, or 3% of its outstanding shares, becoming eligible for sale from today, i.e., 2 September. These shares are valued at around $286 million. Manipal Health’s stock has gained 31% from its issue price and is up 16% from its listing close.

Dhoot Transmission And Other Companies’ Shares To Unlock

Dhoot Transmission will see 5 million shares, representing 3% of its outstanding shares and worth around $80 million, become eligible for trading on 15 September. The company’s stock has risen 67% from its issue price and gained 23% from its listing close.

The larger share overhang comes from companies reaching their six-month or longer lock-in expiry. SEDEMAC Mechatronics has 17 million shares, equal to 38% of its outstanding shares, worth around $525 million, scheduled to unlock on 10 September. SEDEMAC’s stock has more than doubled from its issue price, rising 123%. It is also up 108% from its listing close.

GSP Crop Science And Saatvik Green Energy In Focus

GSP Crop Science has 25 million shares, or 53% of its outstanding shares, valued at around $162 million, set to unlock on 25 September. The stock has gained 96% from its issue price and is up 76% from its listing close.

Saatvik Green Energy has the largest number of shares among the highlighted companies, with 57 million shares, representing 45% of its outstanding shares. The shares are valued at around $253 million and will become eligible for trading on 28 September.

However, Saatvik Green Energy is trading below its issue price. Its stock is down 9% from the issue price and 4% from its listing close.

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