(source : ANI) ( Photo Credit : ani)
Investing in unlisted companies is catching fire in India right now. These are shares you buy before a company hits the stock exchange, offering a shot at big wins through rising values and that sweet listing premium when it goes public. With the India IPO market on a roll, more everyday investors are jumping in, chasing pre-IPO opportunities.
Take NCDEX, the National Commodity & Derivatives Exchange, for example. Its unlisted shares have rocketed 150% over the past year and now trade around Rs 485, with a 40% spike in the last month alone. What’s fueling this? NCDEX plans to roll out new equity and derivatives products, plus it snagged in-principle approval from SEBI in July 2025. Big investors like Radhakishan Damani, Ramesh Damani, Madhusudhan Kela, and Sunil Singhania have piled in, helping the company raise Rs 770 crore through fresh funding.
Financially, NCDEX looks solid too. In FY25, it posted revenue of Rs 46 crore—up just a bit from Rs 45 crore the year before—and net profit jumped 33% to Rs 3.32 crore from Rs 2.49 crore. The buzz around the long-awaited NSE IPO is adding extra momentum to NCDEX’s unlisted shares in the grey market, as investors bet on the broader exchange sector heating up.
This isn’t just for the ultra-rich anymore. High-net-worth individuals used to rule the unlisted shares scene, also called the private market. But retail investors are flooding in, especially from Tier-II and Tier-III cities. Better info access, gains from employee stock options, and expert advisors make it easier than ever. Over the last year, institutions have sold off chunks to feed this retail hunger for plays like NSDL.
Retail participation has exploded. After share transfers got streamlined to one day in April 2025, NSDL’s retail investors shot up to 9,000-10,000. NSE hit a record too: 1.46 lakh people now hold stakes under Rs 2 lakh, the most for any pre-IPO Indian company. Overall NSE shareholders topped 1.59 lakh in the June quarter of FY26, nearly four times the 39,201 from the prior quarter. Domestic and foreign institutions are eyeing deals too, even without firm IPO dates.
Why are regular folks diving into unlisted shares? India’s IPO boom is a big reason—companies raised $2.8 billion in Q1 this year despite global challenges. The unlisted market is expanding alongside it, pulling in more beginners.
Vivekanand, a 20-year veteran in unlisted investments, says value-focused companies draw people in. “Retail interest is booming thanks to platforms that make unlisted investing accessible,” he notes. On risks versus listed stocks, he stresses research: “Experience matters. Look at the company, sector, and regulations. Invest based on what you know, not tips from others.” He pushes for SEBI-regulated platforms to boost safe participation.
Ashwin Kumar Bhat, a Mumbai pharma consultant investing via WWIPL.com for nine years, focuses on earnings growth and performance metrics. He’s eyeing NSE and Parag Parikh Financial Advisory Services right now. “Future action depends on promoters bringing IPO-bound firms to unlisted markets for funding,” he says.
Ashok Jain, with 15 years in the game, bets on OYO, Metropolitan Stock Exchange of India (MSEI), and API Holdings. “They’re risky, but the early potential is huge,” he explains. Retail appeal comes from those tempting pre-IPO deals, and he always checks a company’s quality and management. “Interest in unlisted shares grows every year, and NSE’s expected IPO will crank it up even more.”
The India IPO market raised Rs 4.3 trillion in FY25, with another Rs 1.4 trillion on deck. Platforms like WWIPL.com are stepping up, offering transparent trading via websites and apps to help investors spot smart unlisted shares amid the excitement.
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