How a 5% float and forced index inclusion build an unanchored price, and what the lock-up schedule unwinds Listing float ≈5% Earlytranche first release 180-dayexpiry lock-up expires Founderunlock ≈42% stake lock-up calendar — each gate widens the tradable float Index funds forced to buy inclusion = mandate to buy Retail demand broad, urgent full share base (largely locked) float ≈5% at listing tradable float locked shares market IPO pop unanchored premium analyst SOTP fair value range price market far above anchor demand vs float Premium holds demand keeps pace De-rates toward fair value Step each lock-up gate, set buyer demand, watch the price pin resolve against the SOTP band