NSE unlisted shares surge: How to invest, what are the risks & more

The unlisted shares of National Stock Exchange (NSE) continue to be among the most sought-after in the private market. With over one lakh shareholders, NSE has surpassed the shareholder count of many publicly listed Indian companies — highlighting the growing enthusiasm for its upcoming IPO among retail investors.

Speaking at a recent event, Sebi chairperson Tuhin Kanta Pandey confirmed that the long-awaited initial public offering (IPO) of NSE will be out soon. “All the outstanding issues will be resolved and we will move forward. I can’t give you the timeline but it will be done soon. NSE and Sebi are talking. They are resolving the issues,” he stated. 

Investor anticipation remains high, as the NSE IPO has been in limbo for quite some time. Now, with regulatory issues reportedly nearing resolution, optimism is building again in the grey markets.

According to Krishna Patwari, Founder and Managing Director of Wealth Wisdom India, NSE’s unlisted share price rose 5 per cent yesterday and climbed further on Friday to Rs 1,840–1,950 levels. This rally has pushed NSE’s estimated valuation beyond Rs 4.55 lakh crore, making it the first private market company in India to reach this milestone.

“With Sebi expected to resolve the pending issues around the IPO soon, NSE is emerging as a highly promising investment opportunity in the private market with its unlisted shares,” said Patwari.

How to invest & what are the risks?

Retail investors can access unlisted shares through wealth management firms or stock brokers. While these investments may appear attractive at first glance, they come with their own set of risks such as unlisted shares are harder to trade, limited transparency and valuation uncertainty. In addition, delays or changes in IPO approval can affect the investment timeline.

On the earnings front, NSE reported a consolidated net profit of Rs 2,650.11 crore for the quarter ended March 31, 2025, a 7 per cent increase from Rs 2,487 crore in the same period the previous year. However, revenue from operations fell 18 per cent year-on-year (YoY) to Rs 3,771 crore, down from Rs 4,625 crore in Q4 FY24.