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The National Stock Exchange has triggered an unprecedented buying frenzy in India’s unlisted market; Know details
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India’s unlisted market is witnessing an unprecedented surge in retail investor activity, driven by mounting anticipation around the National Stock Exchange’s (NSE) long-pending IPO. Over 1 lakh retail investors have snapped up NSE shares in just three months, making it one of the most dramatic buying sprees in the grey market’s history.
Retail Ownership Skyrockets
NSE’s retail shareholder base jumped from 33,896 in March 2025 to 146,208 in June 2025 — a more than fourfold rise. Resident individual investors holding shares worth up to ₹2 lakh now hold an 11.81% stake, compared to 9.89% in the previous quarter. Market observers say this rapid growth underscores the rising influence of retail participants in the pre-IPO space.
Soaring Share Prices Reflect Investor Euphoria
The price of unlisted NSE shares has surged 140% in four years — from around Rs 740 in 2021 to Rs 1,775 in May 2025. In a single week in May, prices jumped again from Rs 1,800 to Rs 2,300, reflecting a squeeze in supply and heightened IPO speculation.
NSE IPO: What’s the Status?
NSE’s much-anticipated IPO has been in the pipeline for over eight years. Speaking to ET NOWAshish Kumar Chauhan, MD & CEO of NSE, confirmed that the exchange is currently awaiting a No Objection Certificate (NOC) from SEBI to move forward with its listing plans. “We are awaiting no no-objection certificate (NOC) from SEBI for the NSE IPO,” Chauhan said.
The exchange plans to list its shares on BSE Ltd. once regulatory clearance is obtained.
Earlier in June, SEBI Chairman Tuhin Kanta Pandey had said that there were “no remaining obstacles” to the IPO, though he declined to provide a specific timeline.
In the past, SEBI had withheld the NOC, citing unresolved issues. The regulator asked NSE to address technical lapses, ongoing legal cases, and reduce its stake in its subsidiary, NSE Clearing. To settle legacy issues, NSE has reportedly offered to pay Rs 1,388 crore — Rs 1,165 crore related to the co-location case and ₹223 crore for the dark fibre matter, according to an Economic Times report.
How Can Retail Investors Buy NSE Unlisted Shares?
Retail investors can invest in unlisted shares through:
- Online platforms specialising in pre-IPO securities
- Wealth management firms
- Wealthtech startups that facilitate private market transactions
Before transacting, investors must complete a KYC process using PAN and Aadhaar details.
Important Considerations Before Investing
While the excitement is palpable, experts caution that unlisted shares carry considerable risk:
- These shares don’t trade on public stock exchanges and lack liquidity.
- Prices are driven more by sentiment than fundamentals.
- The market operates with limited regulatory oversight, making investor due diligence critical.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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