This paper examines the market reaction at the expiration of IPO lockup on share prices and trading volume. The sample consists of 292 IPOs listed on Bursa Malaysia between May 2003 and December 2012. IPO lockup in Malaysia is mandatory as opposed to voluntary where it is negotiated between firms and underwriters. https://www.roneverhart.com/1915-Old-Taylor-Bourbon-Bottled-1933-Prohibition-Bottling-Quart-low-fill/