The next wave of IPO-era share lock-ins is set to open from September 23, with a large pool of previously restricted shares becoming eligible for trading over the coming months. Nuvama Alternative & Quantitative Research has mapped lock-in expiries for recent listings through December 29, covering shares worth around $17 billion across 93 companies.
The immediate calendar includes Innovision, Gaja Alternative Asset Management and Tempsens Instruments (India), but the schedule gets much larger in October, November and December. Some of the most notable names include Physicswallah, Ather Energy, JSW Infrastructure, Seshaasai Technologies, Emmvee Photovoltaic Power, Aequs, Park Medi World and Turtlemint Fintech Solutions.
Nuvama’s analysis covers companies listed up to September 18, 2026. The brokerage has cautioned that the value of shares scheduled to unlock should not be treated as the value of stock that will necessarily hit the market. A sizeable portion of the shares is held by promoters and promoter groups, and the actual supply will depend on shareholder decisions.
The first immediate lock-in expiry is on September 23, when Innovision is scheduled to see 1.29 crore shares, or 54% of its outstanding equity, become free from the identified pre-listing lock-in.
Gaja Alternative Asset Management is also scheduled for September 23, with 0.52 crore shares, equivalent to 4% of outstanding shares. A day later, on September 24, Tempsens Instruments has 0.32 crore shares, or 4% of its outstanding equity, scheduled to unlock.
The Innovision event stands out because the shares becoming eligible represent more than half of the company’s outstanding equity. For Gaja Alternative Asset Management and Tempsens Instruments, the proportion is considerably smaller.
The schedule picks up from September 25, when GSP Crop Science has 2.47 crore shares, or 53% of outstanding equity, scheduled to unlock. VMS TMT has another 2.34 crore shares, equivalent to 47%.
September 28 is particularly busy, with 10 companies scheduled for lock-in openings. Rajputana Stainless has 4.60 crore shares, representing 55% of outstanding equity, while Saatvik Green Energy has 5.71 crore shares, or 45%.
Hy-Tech Engineers, Skyways Air Services, Symbiotec Pharmalab, Augmont Enterprises, CSM Technologies, Advit Jewels, Waterways Leisure Tourism and Awfis Space Solutions are also scheduled for lock-in openings on the same day.
The September calendar closes with Powerica and JSW Infrastructure on September 30. JSW Infrastructure has 4.20 crore shares, representing 20% of its outstanding equity, scheduled to unlock.
October brings some of the largest share unlocks in the schedule.
On October 1, Seshaasai Technologies has 10 crore shares, equivalent to 62% of its outstanding equity, scheduled to become free from the lock-in. Solarworld Energy Solutions has 3.96 crore shares, or 46%, while Lumino Industries has 1.26 crore shares.
October 5 brings 10 companies, including Amir Chand Jagdish Kumar, TruAlt Bioenergy and Sai Parenteral. Amir Chand Jagdish Kumar has 6.21 crore shares, representing 60% of outstanding equity, while TruAlt Bioenergy has 2.81 crore shares, or 33%.
The biggest single event in this early October stretch comes on October 6. Central Mine Planning & Design Institute has 46.40 crore shares, equivalent to 65% of its outstanding equity, scheduled to unlock. Pace Digitek has another 10.68 crore shares, representing 49%.
Glottis follows on October 7 with 4.88 crore shares, or 53%, while Om Freight Forwarders has 1.79 crore shares, equivalent to 53%, scheduled for October 9.
The lock-in calendar remains active through the rest of October.
October 12 includes Kanohar Electricals, Prasol Chemicals, Glass Wall Systems, Pranav Constructions, Laser Power & Infra and Kusumgar. On October 15, Rentomojo, Karamtara Engineering, LCC Projects, Steamhouse India, Manipal Payment and Identity Solutions and Asset Reconstruction Company (India) are scheduled for unlocks.
October 19 brings another sizeable event, with Anantam Highways Trust scheduled to see 14.27 crore shares, or 66% of its outstanding equity, become eligible for trading. Om Power Transmission has 1.88 crore shares, representing 55%, scheduled for the same date.
The month then moves to Caliber Mining and Logistics on October 21, followed by Xtranet Technologies, Lohia Corp, INDO-MIM and Midwest on October 26.
November starts with IRM Energy on November 1, followed by Juniper Green Energy, MV Electrosystems and Manipal Health Enterprises on November 2.
Ather Energy is scheduled for a lock-in opening on November 5, with 7.66 crore shares, representing 21% of outstanding equity.
November 9 brings Ardee Industries and OnEMI Technology Solution, with OnEMI having 6.57 crore shares, or 39% of outstanding equity, scheduled to unlock.
The biggest event in this part of the calendar comes on November 16. Physicswallah has 148.90 crore shares, equivalent to 52% of its outstanding equity, scheduled to become free from the identified lock-in. Shiprocket, Behari Lal Engineering and Advit Jewels are also scheduled for openings on the same date.
The November schedule remains heavy after Physicswallah.
Horizon Industrial Parks and Lalithaa Jewellery Mart are scheduled for November 18, followed by Shankesh Jewellers and Sunshine Pictures on November 19.
On November 20, Emmvee Photovoltaic Power has 41.56 crore shares, representing 60% of outstanding equity, scheduled to unlock.
November 23 brings Tempsens Instruments, Gaja Alternative Asset Management and Fujiyama Power Systems. Fujiyama has 15.91 crore shares, equivalent to 52% of outstanding equity, scheduled for the lock-in opening.
Hy-Tech Engineers, Skyways Air Services, Symbiotec Pharmalab and Excelsoft Tech are scheduled for November 26, while Sudeep Pharma has 6.34 crore shares, or 56%, opening on November 27. Lumino Industries is scheduled for another opening on November 30.
The final month of the calendar begins with Priority Jewels and ESDS Software Solution on December 1, followed by Purple Style Labs on December 2 and Deepa Jewellers and Rays of Belief on December 3.
Prostarm Info Systems is scheduled for December 7, followed by Scoda Tubes on December 8.
December 9 is one of the biggest dates in the month. Aequs has 25.80 crore shares, representing 38% of outstanding equity, scheduled to unlock, while CMR Green Technologies has 14.24 crore shares, equivalent to 65%. Pranav Constructions also has 0.34 crore shares scheduled for the same date.
Kanohar Electricals, Prasol Chemicals and Glass Wall Systems follow on December 10. On December 11, Vidya Wires has 9.99 crore shares, or 47% of outstanding equity, scheduled to become free from the lock-in.
December 14 brings another group of six companies: Rentomojo, Karamtara Engineering, LCC Projects, Steamhouse India, Manipal Payment and Identity Solutions and Asset Reconstruction Company (India).
On December 15, Hexagon Nutrition has 6.68 crore shares, representing 54% of outstanding equity, scheduled to unlock, alongside Veegaland Developers.
The next major event comes on December 17. Park Medi World has 27.17 crore shares, or 63% of outstanding equity, scheduled to become eligible for trading. Caliber Mining and Logistics has another 0.14 crore shares scheduled for the same date.
DOMS Industries follows on December 19 with 1.21 crore shares, or 20%, while KSH International has 3.70 crore shares, equivalent to 55% of outstanding equity, scheduled for December 22.
The final stretch of the lock-in schedule includes Happy Forging on December 26.
December 28 brings Arisinfra Solutions, Caliber Mining and Logistics and Turtlemint Fintech Solutions. Turtlemint has 16.01 crore shares, equivalent to 54% of outstanding equity, scheduled to become free from the lock-in.
The Nuvama schedule ends on December 29 with Azad Engineering, which has 1.18 crore shares, or 20% of outstanding equity, scheduled to unlock.
The schedule is based on Nuvama’s lock-in analysis for recent IPOs. Some companies appear more than once because separate lock-in openings are scheduled on different dates.
Among the upcoming events, Physicswallah has the largest single share unlock, with 148.90 crore shares scheduled to become eligible for trading on November 16. That represents 52% of its outstanding equity.
Central Mine Planning & Design Institute follows with 46.40 crore shares on October 6, equivalent to 65% of outstanding shares. Emmvee Photovoltaic Power has 41.56 crore shares, or 60%, scheduled to unlock on November 20.
Other sizeable events include Aequs with 25.80 crore shares on December 9, Park Medi World with 27.17 crore shares on December 17, Turtlemint Fintech Solutions with 16.01 crore shares on December 28 and Fujiyama Power Systems with 15.91 crore shares on November 23.
The percentage of outstanding equity is also significant in several cases. Anantam Highways Trust has 66% of its outstanding shares scheduled to unlock, while Central Mine Planning & Design Institute and CMR Green Technologies each have 65%. Park Medi World has 63%, Seshaasai Technologies 62% and Emmvee Photovoltaic Power 60%.
The scheduled expiry only means that the identified pre-listing restrictions cease to apply. It does not mean shareholders are required to sell.
This distinction is particularly important because Nuvama’s analysis includes both promoter and non-promoter holdings. The brokerage noted that a sizeable portion of the shares covered in the lock-in-opening figures is held by promoters and promoter groups.
The actual supply entering the market will therefore depend on individual shareholder decisions, prevailing valuations, liquidity and broader market conditions.
For investors tracking recent IPOs, the calendar nevertheless provides a useful timeline of when the pool of potentially tradable shares changes. The impact can vary significantly from one company to another, depending on whether the unlocking represents 1% to 5% of outstanding equity or more than half of the company’s share capital.
The September-to-December period is therefore set to bring a series of notable changes in the tradable share base of recently listed companies, with several large unlocks concentrated in October, November and December.