When DPC insiders can sell

DPC Holdings Ltd · IPO prospectus filed 2026-06-26 · Single cliff · 180-day lock-up

Scheduled lock-up expiry
2026-12-23

That is the calendar date the clause computes to, counted from the prospectus date. It is the only date computable without knowing a future earnings date, which is why everything that could pull it earlier is printed below it on this page rather than folded into it.

The lock-up clause, in the issuer's words

Every other free lock-up calendar tells you 180 days and moves on. This is the actual sentence the date above was computed from, so that if the words do not support the number, the number is wrong and the filing is one click away.

See "Shares Eligible for Future Sale." Substantially all of these shares are also subject to lock-up agreements restricting their sale for 180 days after the date of this prospectus, as more fully described in "Underwriting." Jefferies LLC and Morgan Stanley & Co. LLC may, in their sole discretion, permit our officers, directors, employees and current shareholders who are subject to the 180-day contractual lock-up to sell shares prior to the expiration of the lock-up agreements. Upon the expiration of the lock-up agreements described above, all of such ordinary shares subject to the lock-up agreements will be eligible for resale in a public market, subject, in the case of shares held by our affiliates, to volume, manner of sale and other limitations under Rule 144 under the Securities Act.

Where the share count comes from

The prospectus never prints the number of shares coming free, and nothing in it lets the figure be derived. That is why this deal carries no flow math.

Exceptions written into the lock-up (4)

Each of these is a route by which DPC shares can move before 2026-12-23. The 10b5-1 carve-out is the one worth reading twice: it lets insiders put a selling plan in place during the lock-up, so the first sales can be automatic and immediate rather than discretionary and later.

  • 10b5-1 plan
  • bona fide gift or charitable transfer
  • estate planning or family transfer
  • directed share program participants
10b5-1 plan
…securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares; or facilitating the establishment of a trading plan on behalf of our shareholder, officer or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of ordinary shares, 154 TABLE OF CONTENTS provided that (i) such plan does not provide for the transfer of ordinary shares during the restricted period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by us regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of ordinary shares may be made under such plan during the restricted period.
bona fide gift or charitable transfer
…le are immaterial and the cost of distributing such proceeds to individual shareholders would be disproportionate, our directors have determined that the proceeds will instead be donated to an internationally recognized charitable organization. All references to share and per share amounts in this prospectus have been retroactively adjusted to reflect the Reverse Share Split for all periods presented. Our principal executive offices are located at Donington Court, 2nd Floor, Pegasus Business Park, Herald Way, Derby, DE742UZ, United Kingdom and our registered office is located at 47 Esplanade, St. Helier, JE1 0BD, Jersey. Our telephone number is +44 (0)115 663 0139.
estate planning or family transfer
…ction in which: we have been or are to be a participant; the amount involved exceeded or exceeds $120,000; and any of our directors, executive officers or holders of more than 5% of our outstanding share capital, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest. Transactions with Entities Affiliated with J F Lehman Entities affiliated with J.F. Lehman & Company, LLC currently hold more than 5% of our outstanding ordinary shares. C. Alexander Harman, a member of our board of directors, is a Managing Partner at J.F. Lehman & Company, LLC, or JFLCO, an alternative asset manager, and is a member of JFLCO's Management Committee and Private Equity and Credit Investment Committees.
directed share program participants
At our request, the underwriters have reserved up to 2,301,907 or approximately 8% of the shares offered by this prospectus, for sale at the initial public offering price through a directed share program to certain of our non-employee directors, management, employees, friends and family. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Morgan Stanley & Co. LLC will administer our directed share program. See "Underwriting — Directed Share Program" for additional information. We have gr…

What we could not establish

DPC is read but not publishable: the prospectus does not state how many shares come free. So there is no absorb-day figure on this page and no call, and there will not be one until the number exists in a filing.

The common case is a prospectus that says "substantially all" of the locked shares become eligible for sale without ever printing a count. The clause above is quoted in full so you can see that for yourself. An estimate presented with a filing link beside it would read as a filing figure, and that is worse than an admission — it is the one failure mode a reader cannot detect.

How this reading of DPC could be wrong

The lock-up period is restated 5 times in this prospectus. Issuers repeat the clause on the cover, in the summary, in the risk factors and in the underwriting section, and the wording is not always identical. The parser resolved them to one period; if a reader finds a restatement that disagrees, the quote above is the one it used.

The volume is a vendor's, not ours. DPC is not in our own price table, so average daily volume comes from yahoo-finance2 daily bars (symbol not in our price table). Vendor bars for recently listed symbols are the ones most likely to be wrong.

Only 20 sessions of volume history. This is a recent IPO, and early volume is dominated by the offering itself. An average over 20 sessions of a stock that has barely traded is the weakest input on the page, and absorb days inherits every bit of that weakness.

The parser can misread a filing. That is why every number here is printed next to the words it came from. Earlier versions of this parser read the underwriters' 30-day over-allotment window as a 30-day lock-up on five deals, and double-counted one issuer's share total because the offering summary appears on both the cover and in the summary section.

Also unlocking in 2026-12 (13)

Lock-ups cluster, because IPOs cluster: these priced in the same window as DPC and come free in the same month. Several heavy releases landing together is a different situation from one.

DealExpiryShares freeAbsorb days
LFTO
Liftoff Mobile, Inc.
2026-12-015.0M7.4 sessions
INIO
INNIO N.V.
2026-12-01——
SSMR
Sunshine Silver Mining & Refining Co
2026-12-02——
QNT
Quantinuum Inc.
2026-12-02233.0M95.0 sessions
EROC
ERock, Inc.
2026-12-07——
PBLS
Parabilis Medicines, Inc.
2026-12-08——
LIME
Neutron Holdings, Inc.
2026-12-09——
SPCX
SPACE EXPLORATION TECHNOLOGIES CORP
2026-12-0911.96B109 sessions
KARD
Kardigan, Inc.
2026-12-1564.3M124 sessions
FCBM
First Carolina Financial Services, Inc.
2026-12-1520.4M121 sessions
SIND
Sinda Ltd.
2026-12-26——
BSP
Bending Spoons S.p.A.
2026-12-28——
ITG
ITG, Inc./DE/
2026-12-29101.7M129 sessions

Learn to read these clauses yourself

The flow arithmetic on this page — shares unlocking divided by average daily volume, and why the clause has to be read rather than assumed — taught step by step, free.

Lesson 6 →

Radar built 2026-11-07 from EDGAR full-text search over 424B4 filings · all 80 parsed lock-ups and the scoreboard · DPC's prospectus on EDGAR · what funds carried these companies at before listing