Three high-profile IPOs—Ajax Engineering, Quality Power, and Hexaware Technologies—are entering a critical phase in May 2025, as the 90-day lock-in period for anchor investors concludes. These anchor shares unlocking in May will free up significant portions of institutional holdings, potentially influencing stock prices through increased supply and volatility.
Anchor investors, typically institutional entities, are allotted shares ahead of an IPO’s public opening. Regulations mandate a phased lock-in period: 50% of anchor allotments are locked for 30 days, and the remaining 50% for 90 days. As these lock-ins expire, particularly for large allocations, the market often anticipates either selling pressure or signals of long-term confidence.
Ajax Engineering IPO Anchor Lock-in Expiry
Engineering solutions provider Ajax Engineering allotted 6.03 million shares to anchor investors at INR 629 each, raising INR 379.32 crore on 7 February 2025. With 50% of this already unlocked in March, the remaining half—INR 189.66 crore worth of shares—will become tradeable on 14 May 2025.
Ajax Engineering launched its IPO on 10 February 2025, with a issue size of INR 1,269.35 crore. The IPO was a total OFS, and listed 5.34% down on listing day. Following the red listing, Ajax remain in consolidation for nearly 2 months. It has picked momentum after 15 April 2025 and reached its all-time high of INR 718.60 on 21 April 2025, reflecting a ~15% return from allotment price of INR 629 per share.
Market participants are closely watching how existing institutional investors respond to the expiry. While the company boasts strong domestic and international distribution and a niche product portfolio in concrete equipment, any significant offloading could weigh on short-term sentiment.
Quality Power IPO Lock-in Release: INR 193 Cr to Hit Market
Quality Power Electrical Equipments, focused on high-voltage and energy transition infrastructure, allocated 9.09 million shares at INR 425 per share in its anchor round, raising INR 386.41 crore. Half of those shares—INR 193.20 crore in market value—are set to unlock on 20 May 2025.
Quality Power launched its INR 858.7 crore IPO on 14 February 2025. The IPO was a mix of fresh issue and an OFS, and listed in negative territory with a loss of 8.73% from its allotment price of INR 425 per share. Quality Power shares are still trading in a loss of ~18% from allotment price.
The stock listed on 21 February 2025 with a 5% premium and has since traded sideways amid broader sector consolidation. The company’s long-standing presence in the power equipment space, with global operations and robust R&D capabilities, offers resilience. However, the upcoming anchor unlock introduces the potential for near-term supply pressure, especially if institutional investors choose to trim their holdings.
Hexaware Technologies IPO Anchor Lock-in Ending: INR 1,299 Cr Free to Float
Tech services giant Hexaware Technologies completed one of the largest anchor allocations of the year, raising INR 2,598 crore through the allotment of 36.69 million shares at INR 708 per share. With INR 1,299 crore worth of shares due to unlock on 18 May 2025, the stock is under close watch by analysts and investors alike.
Hexaware IPO was listed on 19 February 2025, the IPO was a complete OFS worth INR 8,750 crore. Hexaware Technologies IPO is the biggest IPO in 2025 so far. The IPO was listed with a modest return of 7.70% from its allotment price. Currently, it is trading around INR 700 per share (~1% down from the allotment price f INR 708 per share). With significant anchor interest from marquee investors, the lock-in expiry will test institutional conviction. Continued holding by anchors may reinforce market confidence, but partial exits could trigger short-term volatility.
Market Implications
Anchor lock-in expiries are a double-edged sword—on one hand, they can increase float and liquidity, attracting broader investor participation; on the other, they introduce supply-side risks if large investors choose to exit. For retail participants, May offers a window to reassess these IPOs not just by fundamentals, but also by market behavior following the anchor unlocks. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.