70,000 retail investors are now locked into NSE shares. These buyers piled into the unlisted market between April and June 2025, paying over Rs 2,200, only to see the stock list at Rs 1,800. Their substantial losses are already eroding faith in other high-profile unlisted plays like Zepto and Oyo.
How We Got Here
NSE finally listed on September 24 after almost a decade of anticipation. Its underwhelming performance continues a trend of unlisted market favourites like Reliance Retail and HDB Financial disappointing small shareholders.
The Numbers
- Retail shareholders surged from 34,000 to 150,000 between April and June 2025.
- Unlisted NSE shares traded between Rs 1,600 and Rs 2,200 during the buying frenzy.
- The stock opened at Rs 1,800 on listing day, September 24, and now trades at Rs 1,695.
- Wealth managers Amit Dassani of Clay Financial and Abhay Agarwal of Piper Serica Advisors report a significant drop in unlisted share demand.
- Sebi chief Tuhin Kanta Pandey discussed regulating a pre-IPO trading platform last year, but no concrete action has followed.
What Happens Next
🇮🇳 Why This Matters for India
For founders considering future unlisted share sales, investor sentiment in Bangalore, Mumbai, and Delhi will be much colder and more valuation-driven.
The Take
The significant loss of confidence for unlisted stock will now force a more mature, valuation-driven approach from investors. Wealth managers who pitched these as quick IPO flips will find it much harder to move speculative shares for clients.
Source:
The Ken ↗