Data compiled by Nuvama Alternative & Quantitative Research show shares worth about $31 billion becoming eligible for trading by September 28
Shareholder lock-ins in 75 recently listed companies are set to expire between June and September, opening a fresh window for private equity (PE) and venture capital (VC) investors to monetise holdings through block deals, with exits expected to be staggered amid volatile market conditions.
Data compiled by Nuvama Alternative & Quantitative Research show shares worth about $31 billion becoming eligible for trading by September 28. The lock-ins for Meesho expired this week, opening up 3,083 million shares, equivalent to 68 per cent of its outstanding equity. Aequs’s lock-in expiry opened 146 million shares on Tuesday.
Next week, 923 million shares of Vishal Mega Mart and 344 million shares of ICICI Pru AMC become eligible to trade. Other unlocks for June include Wakefit Innovations, Corona Remedies, Nephrocare Health Services, Oswal Pumps and Sai Life Sciences.
These expiries come at a time when volatility in equity markets has slowed the pace of fresh listings, making secondary transactions a key exit route for pre-IPO investors. While half of these companies are still trading at a premium, almost all are in the red from their highs since listing.
Investment bankers said institutions are evaluating stock liquidity and investor depth to absorb a meaningful block without near-term price pressure. While block deals will continue to be a strong theme over the next year, sales are likely to take place in a staggered manner rather than through large one-time disposals.
Where the lock-in window is no longer a constraint and there is enough market depth to support block trades, we expect sponsors to continue evaluating exit windows, said Abhishek Dadoo, Partner at Khaitan & Co. “Execution is likely to depend on valuation support, earnings visibility and the ability of the market to absorb supply without significant disruption,” said Dadoo.
“A staggered or calibrated sell-down is increasingly the preferred route,” he said. This is especially true for listed companies both in terms of pricing and to avoid creating pressure on the stock, Dadoo added.
“While the markets stabilise and now move towards consolidation, some of the recently listed entities, whose lock-in will expire later this year, may see exits by VC/ PE investors. Further, existing VC and PE investors who hold shares in new age companies, where lock-in has already expired, may also dribble their on-market sale of shares as markets improve,” said Bir Bahadur S Sachar, Partner at JSA Advocates & Solicitors.
Shadowfax is set to see 260 million shares become eligible for trading on July 24, while Amagi’s lock-in expiry on July 20 covers 121 million shares. In August, lock-in restrictions are due to end for 146 million shares of Aye Finance, 87 million shares of Fractal Analytics and 34 million shares of Clean Max Enviro Energy Solutions. September will see lock-ins for Omnitech Engineering, GSP Crop Science, Rajputana Stainless, etc expiring.
Nuvama said the analysis includes all shareholders, both promoters and non-promoters, and a sizable portion of these holdings is owned by promoter group entities which may not necessarily come to market immediately.
Published on June 11, 2026
