IPO Lock-In Expiry: LEAP India, Technocraft Ventures, Dhoot Transmission and Molbio Diagnostics Face 90-Day Unlock
Five prominent companies that completed their initial public offerings in August are back on Dalal Street's radar this week as their mandatory 90-day anchor lock-in periods expire between November 9 and November 13. The companies in focus include supply chain solutions provider LEAP India, Technocraft Ventures, auto component manufacturer Dhoot Transmission, medical technology firm Molbio Diagnostics, and Milky Mist Dairy Food.
Under the Securities and Exchange Board of India's (SEBI) ICDR regulations, anchor investors who participate in an IPO prior to public bidding face a bifurcated lock-in structure: 50% of their allotted shares are locked in for 30 days from allotment, while the remaining 50% become eligible for open-market sale only after 90 days.
Key Companies and Share Unlocks Scheduled
- LEAP India Ltd.: Approximately 2.34 crore shares are set to become eligible for trading. The stock, which listed on August 14 at an issue price of ₹159, has faced margin headwinds and is trading over 20% below its issue price.
- Technocraft Ventures Ltd.: Around 18 lakh (0.18 crore) shares will be freed from anchor restrictions. Technocraft has been one of the standout performers from the August cohort, trading more than 120% above its issue price.
- Dhoot Transmission Ltd.: Roughly 53 lakh (0.53 crore) shares are scheduled to unlock. The issue, which was priced at ₹871 per share, has seen robust secondary market accumulation and is currently hovering near ₹1,600, sitting on gains of over 80%.
- Molbio Diagnostics Ltd.: Nearly 17 lakh (0.17 crore) shares will see their lock-in lift. The Goa-based diagnostics maker, which came to the market with an issue price of ₹807, is trading with strong post-listing gains of approximately 60% to 70%.
- Milky Mist Dairy Food Ltd.: About 1.66 crore shares will enter the tradable float. The dairy major has doubled investor wealth since its public debut, currently trading more than 110% above its initial offer price.
Market Implications and Supply Overhang
For Indian market participants, the expiry of an anchor lock-in does not guarantee immediate institutional selling, but it removes trading restrictions and materially increases the potential free float.
Where companies trade at massive premiums—such as Technocraft Ventures, Dhoot Transmission, and Milky Mist—anchor institutions, which include domestic mutual funds, life insurers, and foreign portfolio investors, may be tempted to book partial profits and rebalance portfolios. Conversely, in names trading below their issue price like LEAP India, institutional reaction will test long-term conviction, as funds decide whether to absorb paper losses or stay invested for operational turnaround.
Traders and retail investors holding these counters are advised to monitor volume-weighted average prices and block deal windows over the week, as large secondary market transfers can trigger near-term price volatility.
