In the unlisted shares market, one question keeps coming back —
"Mujhe IPO ke baad apne shares kab bechne milenge?"

Whether it’s a retail investor who picked up shares from the grey market, an AIF fund that backed the company early, or an employee who exercised ESOPs — the lock-in rules vary for each.

Take the example of Vikram Solar, a company now preparing to go public. Over the last year, several investors — from HNIs to private equity players — have acquired shares in the unlisted space. Now that the IPO is around the corner, they’re all asking the same thing:

Will I be free to sell on Day 1? Or will I be locked in for months?

This article simplifies the SEBI lock-in framework using Vikram Solar as a real-life context, and explains clearly what applies to unlisted buyers, AIF/PE funds, ESOP holders, promoters, and anchor investors.

Q&A: Understanding Lock-In Periods Before IPO – Vikram Solar Example

Q1: I’m a normal unlisted market investor who bought Vikram Solar shares in March 2024. What is my lock-in after the IPO?

Answer:
As a non-promoter public investor, your shares will be locked in for 6 months from the date of IPO allotment.

Example:
If Vikram Solar gets listed on 15th July 2025, your shares will be locked till 15th January 2026.

Q2: What if I’m an AIF/PE fund and I bought shares of Vikram Solar in October 2023?

Answer:

If you’re an Alternative Investment Fund (Category I or II) or Private Equity investor, and you acquired shares at least 6 months before the IPO filing, your shares are generally not subject to lock-in post listing, unless:

• You are selling in the IPO and

• You or your group holds more than 20% of the pre-offer capital.

Example:

• Bought shares on 1st October 2023

• IPO filed on 15th April 2024
  ➡️ Lock-in does not apply post listing, if not a large seller.

Q3: What if I’m an AIF/PE investor and I bought shares of Vikram Solar just 3 months before IPO filing?

Answer:

Then, your shares will be locked in for 6 months from the date of purchase.

Example:

• Bought shares on 15th February 2025

• IPO lists on 15th July 2025
  ➡️ Lock-in ends on 15th August 2025

Q4: I’m an employee and I exercised ESOPs in Vikram Solar before the IPO. What is my lock-in?

Answer:

If the ESOPs were exercised under a SEBI-compliant scheme before IPO, there is no formal lock-in post-listing.

However, the company may voluntarily declare an intention (e.g., KMPs may not sell for 3 months post listing), but this is not a SEBI-mandated lock-in.

Example:

• You exercised ESOPs in January 2024
  ➡️ Shares can generally be sold on listing, unless the company has a specific restriction.

Q5: What about the Promoter’s shares in Vikram Solar?

Answer:

• 20% of post-offer capital (promoter contribution) = Locked for 18 months

• Excess promoter holding = Locked for 6 months
  From the IPO allotment date

Q6: I’m an anchor investor. What is my lock-in period?

Answer:

• 50% of shares = Locked for 90 days from allotment

• Remaining 50% = Locked for 30 days from allotment

Example:

Allotment Date: 10th July 2025

• 50% locked till 8th October 2025

• 50% locked till 9th August 2025

Summary Table: