Shareholder lock-ins worth nearly ₹64,000 crore across six companies, Deepak Builders, Afcons Infra, Emmvee Photovoltaic, Studds Accessories, Lenskart Solutions, and Orkla India, expire this week between May 4 and May 8, according to Nuvama Alternative and Quantitative Research data. Nearly 85% of that total value, or ₹54,150 crore, belongs to Lenskart alone. Lock-in expiry makes shares eligible to trade; it does not compel any shareholder to sell. Four of the six stocks are currently trading below their IPO issue price. Here is what each unlock means for the stock.
LENSKART — THE NUMBER THAT DOMINATES EVERYTHING
Lenskart Solutions will see 1,047.4 million shares, 60% of its total outstanding equity, become eligible for trade on Friday, May 8, when its six-month shareholder lock-in ends. The value of those shares based on Thursday’s closing price is ₹54,150 crore. That single unlock accounts for 84.6% of the entire week’s ₹64,000 crore figure.
The stock currently trades 29% above its issue price of ₹402 per share. That premium is the critical detail. Unlike the four companies in this list that are underwater on their IPO price, Lenskart shareholders sitting on a 29% gain have a genuine economic reason to sell. The unlock does not mean they will. The major pre-IPO shareholders still subject to this lock-in include SoftBank, which held approximately 11% of Lenskart’s equity ahead of the IPO, and Temasek, which participated in pre-IPO funding rounds. Neither has publicly indicated a sell intention. BSE and NSE block deal disclosures are published before market open at 9:15 AM on May 8; that is the first data point to check. Any large block deal in Lenskart on Friday morning will set the price tone for the session.
AFCONS AND ORKLA — THE TWO THAT MATTER NEXT
Afcons Infra is second in value terms. Its one-and-a-half-year and beyond lock-in opens Monday, May 4, releasing 73.6 million shares, 20% of outstanding equity, worth ₹2,487 crore at Thursday’s close. The stock trades 27% below its issue price of ₹463, per CNBC-TV18. Infrastructure stocks have been under broad pressure through FY26, and Afcons is no exception. Shareholders sitting 27% below their IPO entry price have no gain to protect.
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Orkla India is the other name worth watching on Friday. Its six-month lock-in ends May 8, freeing up 86.7 million shares, 63% of outstanding equity, worth ₹5,540 crore. The stock trades 12% below its issue price of ₹730. Nuvama initiated coverage with a Buy rating in April 2026, citing Orkla’s distribution network as undervalued relative to peers, though the stock has not recovered to issue price since listing. At 12% below issue price and 63% of equity unlocking on the same day as Lenskart, May 8 carries a concentrated unlock across both names simultaneously.
THE SMALLER THREE
Studds Accessories unlocks on Thursday, May 7. Some 23.7 million shares, 60% of outstanding equity, worth ₹1,175 crore, become eligible for trade, per Nuvama Alternative data. The stock is 15% below its issue price of ₹585. A helmet and motorcycle accessories manufacturer, Studds does not carry the same institutional investor profile as the larger names on this list. The 60% equity release is the highest proportion unlock of the week by percentage, but the absolute value at ₹1,175 crore is a fraction of the Friday events.
Deepak Builders is the smallest unlock in value terms. On Monday, May 4, today, 9.3 million shares, or 20% of outstanding equity worth just ₹79.5 crore, are freed up, according to Nuvama Alternative. The stock is nearly 60% below its issue price of ₹203. That is the steepest discount to issue price in this entire list and the smallest absolute unlock value. Both facts together make this the lowest-risk unlock event of the week.
Emmvee Photovoltaic is the one outperformer in the group. On Friday, May 8, 4.6 million shares, just 1% of outstanding equity, worth ₹120.5 crore, become eligible for trade. The solar panel manufacturer retested its issue price of ₹217 in April and has since rebounded, currently trading 21% above those levels, per CNBC-TV18. The unlock is 1% of outstanding equity, the smallest proportion in the scan, in a stock trading at a premium. Of the six companies, Emmvee carries the most contained unlock profile.
THE NON-OBVIOUS ANGLE
Three unlocks land on the same day, Friday, May 8: Lenskart at ₹54,150 crore, Orkla at ₹5,540 crore, and Emmvee at ₹120.5 crore all expire simultaneously. Combined, that is ₹59,810 crore in eligible-to-trade shares becoming available in a single session, 93.4% of the entire week’s unlock value concentrated on one Friday.
THE FOUR-BELOW-ISSUE-PRICE SIGNAL
Four of the six companies in this list, Afcons at 27% below, Studds at 15% below, Orkla at 12% below, and Deepak Builders at 60% below their respective issue prices, are all in loss territory from their IPO price. SEBI lock-in regulations restrict trading but do not compel selling. Shareholders in loss-making positions from their IPO entry price have limited economic incentive to crystallise those losses by selling on unlock day. The aggregate ₹64,000 crore figure is the maximum theoretical supply. The actual selling that materialises will depend on individual shareholder decisions, and for four of these six names, those decisions involve booking a loss.
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FAQ
What happens when a shareholder lock-in expires?
Shares that were previously restricted from trading become eligible to be bought or sold in the open market. SEBI lock-in regulations restrict trading; they do not mandate selling. Whether shareholders actually sell depends on their cost price, portfolio strategy, and market conditions at the time. Source: SEBI lock-in regulations, Nuvama Alternative and Quantitative Research.
Which company has the largest unlock this week by value?
Lenskart Solutions, with 1,047.4 million shares worth ₹54,150 crore becoming eligible for trade on May 8. That is 84.6% of the total ₹64,000 crore week-wide unlock value. Four of the remaining five companies are trading below their issue price. Source: Nuvama Alternative and Quantitative Research.
Which stocks in this unlock list are above their IPO issue price?
Two out of six. Lenskart trades 29% above its issue price of ₹402. Emmvee Photovoltaic trades at 21% above its issue price of ₹217. The remaining four, Deepak Builders at 60% below, Afcons Infra at 27% below, Studds Accessories at 15% below, and Orkla India at 12% below, are all trading under their respective issue prices. Source: Nuvama Alternative and Quantitative Research, Thursday closing data.
