$53 billion! Dalal Street is gearing up for 85 IPO lock-in maturities in the next three months. Check details

Dalal Street is entering a busy phase of the IPO lock-in expiration, with a significant portion of pre-listing restrictions on shareholders set to be lifted in the next three months. According to estimates from Nuvama Alternative & Quantitative Research, as many as 85 companies will see their lock-ins expire between February 16 and May 27, 2026, potentially freeing up shares worth nearly $53 billion.The value refers to the total number of shares eligible for trading when the lock-up periods end. However, it is not expected that all these shares will be sold in the secondary market as a significant portion remains in the hands of promoter groups who generally continue to hold their shares.

Among the notable unlocks, Amagi Media Labs will have 11 million shares, representing 5%, on February 18, while Shadowfax Technologies will have 35 million shares or 6% unlocked on February 23.

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In the three-month lock-in category, Tenneco Clean Air India will see 14 million shares or 3% open on February 16, alongside Fujiyama Power Systems with 5 million shares or 2%. Capillary Technologies will have 3 million shares or 4% unlocked on February 17, followed by Excelsoft Tech with 6 million shares or 5% on February 23, and Sudeep Pharma with 2 million shares or 2% on February 24.

For six-month lock-ins, JSW Cement will qualify for 2 million shares or 0.1% on February 16, Highway Infrastructure 39 million shares or 54%, BlueStone Jewelery 58 million shares or 38%, and All Time Plastics 1 million shares or 2% on the same day. Vikram Solar will unlock 104 million shares or 29%, Regaal Resources 52 million shares or 50%, and Jaro Institute of Technology 0.3 million shares or 1% on February 23. Shreeji Shipping Global will see 10 million shares or 6% open on February 25, Patel Retail 17 million shares or 51% on the same day, and Gem Aromatics 10 million shares or 18% on February 26.

While lock-in expirations are a routine part of the IPO cycle, clustered unlocks of this magnitude often attract attention and can weigh on stock prices in the short term. Nuvama noted that despite the $53 billion notional amount, the actual impact on the market will depend on how many of the eligible shares are ultimately offered for sale. The upcoming lock-in expirations coincide with a phase of caution among foreign institutional investors, who have noticed relatively high valuations of Indian equities compared to other emerging markets. If FII selling continues at the current pace, increasing supply from these outcrops could increase pressure on select stocks. On the other hand, a more supportive global environment could help the market absorb some of the additional supply more comfortably.

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