A large wave of pre-listing shareholder lock-ins is set to expire in the coming quarter, potentially adding volatility to Indian equities. According to a report by Nuvama Institutional Equities, as many as 57 companies will witness their lock-ins being lifted between August 25 and November 27, 2025, releasing shares worth nearly USD 20 billion into circulation.
The brokerage clarified that while this figure represents the total number of shares coming out of lock-up, not all of them may hit the secondary market immediately, since a significant portion is held by promoters and groups unlikely to sell right away. Nuvama’s analysis includes both promoter and non-promoter holdings of companies listed up to August 20, 2025.
The upcoming unlocks cut across diverse sectors, making it a particularly busy period for IPO lock-in expiries. Below is a sector-wise and timeline-based summary of the key unlocks:
🔹 1-Month Lock-in Expiries (Till Mid-September 2025)
- GNG Electronics – Aug 28 | 3 mn shares | 3%
- Brigade Hotel Ventures – Aug 28 | 18 mn shares | 5%
- Aditya Infotech – Sep 1 | 4 mn shares | 4%
- Sri Lotus Developers – Sep 3 | 8 mn shares | 2%
- Highway Infrastructure – Sep 8 | 2 mn shares | 2%
- All Time Plastics – Sep 11 | 2 mn shares | 3%
- Regaal Resources – Sep 17 | 4 mn shares | 4%
- Indiqube Spaces – Aug 28 | 7 mn shares | 3%
- Shanti Gold International – Aug 29 | 3 mn shares | 4%
- Laxmi India Finance – Sep 1 | 2 mn shares | 5%
- M & B Engineering – Sep 3 | 4 mn shares | 7%
- JSW Cement – Sep 11 | 37 mn shares | 3%
- BlueStone Jewellery – Sep 15 | 7 mn shares | 4%
🔹 3-Month Lock-in Expiries (Aug–Nov 2025)
- Belrise Industries – Aug 25 | 36 mn shares | 4%
- Prostarm Info Systems – Aug 28 | 2 mn shares | 4%
- Aegis Vopak Terminals – Aug 28 | 27 mn shares | 2%
- Schloss Bangalore – Aug 28 | 18 mn shares | 5%
- Scoda Tubes – Sep 1 | 2 mn shares | 4%
- Arisinfra Solutions – Sep 22 | 5 mn shares | 6%
- Kalpataru – Sep 25 | 9 mn shares | 4%
- HDB Financial Services – Sep 29 | 23 mn shares | 3%
- Indogulf Cropsciences – Sep 30 | 3 mn shares | 4%
- Oswal Pumps – Sep 16 | 3 mn shares | 3%
- Ellenbarrier Industrial Gases – Sep 25 | 3 mn shares | 2%
- Globe Civil Projects – Sep 25 | 3 mn shares | 4%
- Sambhv Steel Tubes – Sep 29 | 10 mn shares | 3%
- Travel Food Services – Oct 8 | 3 mn shares | 2%
- Anthem Biosciences – Oct 15 | 9 mn shares | 2%
- GNG Electronics – Oct 27 | 3 mn shares | 3%
- Brigade Hotel Ventures – Oct 27 | 18 mn shares | 5%
- Aditya Infotech – Oct 30 | 4 mn shares | 4%
- Shanti Gold International – Oct 28 | 3 mn shares | 4%
- Laxmi India Finance – Oct 30 | 2 mn shares | 5%
- M & B Engineering – Nov 3 | 4 mn shares | 7%
- JSW Cement – Nov 10 | 37 mn shares | 3%
- BlueStone Jewellery – Nov 12 | 7 mn shares | 4%
- Sri Lotus Developers – Nov 3 | 8 mn shares | 2%
- Highway Infrastructure – Nov 6 | 2 mn shares | 2%
- All Time Plastics – Nov 10 | 2 mn shares | 3%
- Regaal Resources – Nov 17 | 4 mn shares | 4%
🔹 6-Month Lock-in Expiries (Nov 2025)
- Ather Energy – Nov 6 | 162 mn shares | 44%
- Borana Weaves – Nov 27 | 3 mn shares | 10%
Key Takeaway
The expiry of nearly USD 20 billion worth of IPO lock-ins in the next three months could bring fresh supply into the market. While not all shares may be sold immediately, investors should closely monitor these dates as they could influence stock price movements, liquidity, and overall market sentiment.
Disclaimer: This is a market update and not investment advice. Investors are advised to do their own due diligence before making any decisions.
