IPO Lock-in Expiry: $35 billion in shares set to unlock across 116 companies; Jio, NSE, Zetwerk in focus

What the unlock calendar shows

Roughly $35 billion worth of shares across 116 companies will become free of pre-listing lock-in restrictions between 9 November 2026 and 26 February 2027, according to an analysis by Nuvama Institutional Equities covering firms listed up to 5 November 2026. Lock-ins bar promoters, anchor investors and pre-listing shareholders from selling for a set period after listing. Once that window closes, those holders can legally trade their stakes, which can raise the free float and the supply of shares available in the market.

The near-term list is led by Zetwerk Manufacturing Business, where 75 million shares, about 4% of equity, unlock on 20 November, and Jio Platforms, where 36 million shares, or 0.4%, unlock on 25 November. Among three-month expiries, Horizon Industrial Parks has 97 million shares (3%) unlocking on 18 November, Shiprocket 37 million shares (5%) on 16 November, LEAP India 23 million shares (5%) on 11 November and Milky Mist Dairy Food 17 million shares (2%) on 12 November. The six-month category carries the heaviest blocks relative to equity: SBI Funds Management with 1.428 billion shares (70%) on 18 January, CMR Green Technologies with 142 million shares (65%) on 9 December, Turtlemint Fintech Solutions with 160 million shares (54%) on 28 December, Hexagon Nutrition with 67 million shares (54%) on 15 December and Laser Power & Infra with 78 million shares (55%) on 18 January. The NSE appears through multiple smaller expiries.

Why it matters for businesses

For listed companies, an expiring lock-in changes the composition of the register and can affect liquidity, index eligibility and price discovery. For promoters and pre-listing investors, it is the first point at which exit or partial dilution becomes possible, which has consequences for holding-period computation and capital gains treatment. A larger free float can also influence how a stock is classified and weighted. Companies preparing for their own listings will…