What Are Unlisted Shares?
Unlisted shares refer to equity shares of companies that are not traded on recognized stock exchanges like NSE or BSE. These shares are privately held and typically traded through intermediaries, brokers, or private placements.
Unlike listed stocks, unlisted shares do not have real-time market pricing. Instead, their valuation depends on demand, company performance, and private transactions.
Companies like pre-IPO startups, private firms, or even large companies waiting to go public often issue unlisted shares.
How Unlisted Share Price Is Determined
The unlisted share price is not determined through open market trading. Instead, it is based on multiple valuation methods and market demand among private investors.
Key factors influencing unlisted share price include:
- Company financial performance and revenue growth
- Future IPO expectations
- Demand and supply in the grey market
- Industry trends and market sentiment
- Valuation models like P/E ratio and discounted cash flow
Since there is no centralized exchange, prices may vary between brokers and platforms.
NSE Unlisted Share Price vs Listed Share Price
The term "NSE unlisted share price" is often used to describe shares that are expected to be listed on NSE but are currently traded privately.
The key difference between listed and unlisted share price is transparency and liquidity.
| Factor | Unlisted Shares | Listed Shares |
|---|---|---|
| Trading Platform | Private Market | NSE / BSE |
| Price Transparency | Low | High |
| Liquidity | Limited | High |
| Regulation | Less Regulated | Highly Regulated |
Investors should understand that unlisted share price is more volatile and less predictable compared to exchange-traded stocks.
Unlisted Shares Table
| Stock Name | Price (₹) | Lot Size | Face Value (₹) | Total Shares |
|---|---|---|---|---|
| Hinduja Leyland Finance | ₹265 | 1000 | 10 | 545244490 |
| Absolute Projects (India) Limited | ₹90 | 1000 | NA | NA |
| Apollo Fashion International | ₹ 46 | 1000 | 10 | 29765210 |
| Apollo Green Energy Limited | ₹ 64 | 500 | 10 | 40610287 |
| ASK Investment Managers Limited | ₹ 945 | 100 | 2 | 87125755 |
| Axles India Limited | ₹ 425 | 100 | 10 | 25490646 |
| Bazar India | ₹ 24 | 1000 | 10 | 30000000 |
| Bagrrys India Limited | ₹ 2219 | 25 | 10 | 760000 |
| Bharat Hotels | ₹ 375 | 100 | 10 | 75991199 |
| Bharat Nidhi (Bharat Bank) | ₹ 11300 | 10 | 10 | 2869703 |
| Big Basket | ₹ 1950 | 2500 | 1 | 111700000 |
| Bira | ₹ 118 | 100 | 10 | 66758811 |
| BLSX Limited | 24 | 1000 | 1 | 86232180 |
| Boat | ₹ 925 | 100 | 1 | 131194300 |
| Bombay Gas Company Limited | ₹ 500 | 250 | 10 | 8000150 |
| Bombay Swadeshi Stores Limited | ₹ 470 | 50 | 2 | 4940000 |
| C&S Electric Limited | ₹ 1950 | 100 | 10 | 44200000 |
| Calcutta Stock Exchange | ₹ 919 | 25 | 1 | 611250 |
| Capgemini Technology Services India Limited | ₹ 10750 | 10 | 10 | 59002361 |
| Care Health (Previously Religare Health) Insurance Company Limited | ₹ 118 | 500 | 10 | 974184460 |
| Carrier Airconditioning & Refrigeration Limited | ₹ 498 | 100 | 10 | 106376745 |
| Cochin International Airport Limited | ₹ 438 | 100 | 10 | 478218436 |
| CSK | ₹ 245 | 250 | 1 | 379425004 |
| Dalmia Bharat Refractories Limited | ₹ 235 | 100 | 10 | 44200107 |
| Fincare Business Finance | ₹ 114 | 1000 | 1 | 330000000 |
| Garuda Aerospace Limited | ₹ 415.72 | NA | 2 | 52135780 |
| Goa Shipyard Limited | ₹ 2875 | 100 | 5 | 116400000 |
| Goodluck Defence And Aerospace | ₹ 312 | 100 | 10 | 49110000 |
| Goodluck Green Energy Limited | ₹ 128 | 1000 | 10 | 92393550 |
| HDFC Securities Limited | ₹ 9000 | 10 | 10 | 17771969 |
| Hero Fincorp Limited | ₹ 1050 | 25 | 10 | 127400000 |
| Hero Motors Limited | ₹ 325 | 500 | 10 | 379307960 |
| A V Thomas & Co. Limited | ₹ 12500 | 10 | 10 | 456000 |
| ADIANCE TECHNOLOGIES | ₹ 2250 | 100 | 10 | 1395950 |
| Hindustan Power Exchange Limited (HPX India) | ₹ 26 | 1000 | 1 | 552500000 |
| Hindustan Times | ₹ 950 | 100 | 2 | NA |
| Incred Holdings Limited | ₹ 148 | 250 | 10 | 641817562 |
| India Carbon Limited | ₹ 895 | 100 | 10 | 2650000 |
| Inox Clean Energy Limited | ₹ 795 | 100 | 1 | 932710646 |
| Inox Leasing and Finance Limited | ₹ 14250 | 25 | 10 | 9900050 |
| Tata Capital Ltd | 950 | 50 | 10 | 300 Cr+ |
| NSE India Ltd | 3,800 | 10 | 1 | 240 Cr+ |
| NSDL | 1,200 | 50 | 2 | 50 Cr+ |
| CDSL (Unlisted Lot)* | 1,400 | 25 | 10 | 15 Cr+ |
| Zepto | ₹ 53 | 1000 | 10 | 9486904042 |
| Reliance Retail | 1,350 | 10 | 10 | 700 Cr+ |
| HDB Financial | 950 | 25 | 10 | 100 Cr+ |
| SBI Funds Management | 1,100 | 10 | 10 | 20 Cr+ |
| Orbis Financial | 350 | 100 | 10 | 5 Cr+ |
| PharmEasy | 25 | 100 | 10 | 150 Cr+ |
Why Investors Are Buying Unlisted Shares
The growing popularity of unlisted shares is driven by the potential for high returns before a company goes public.
Major reasons investors prefer unlisted shares:
- Opportunity to invest before IPO
- Higher growth potential
- Portfolio diversification
- Access to emerging companies
For example, investors who bought shares before IPOs in successful companies often generated significant wealth.
How to Buy Unlisted Shares in India
Buying unlisted shares is different from buying stocks on NSE or BSE. The process is more manual and requires due diligence.
Typical steps to buy unlisted shares:
- Find a reliable broker or platform dealing in unlisted shares
- Check the latest unlisted share price
- Verify company fundamentals
- Complete KYC and payment process
- Have the shares transferred to your Demat account
Always ensure the broker is trustworthy, as this market has limited regulation.
Risks of Investing in Unlisted Shares
While unlisted shares offer high potential returns, they also come with significant risks.
Major risks include:
- Lack of liquidity
- Limited financial disclosure
- Price manipulation risk
- No guaranteed IPO
- Difficult exit options
Investors must conduct thorough research before investing in unlisted shares.
Taxation on Unlisted Shares in India
Tax treatment of unlisted shares differs from listed stocks.
- Short-term capital gain, held for less than 24 months: taxed as per income slab
- Long-term capital gain, held for more than 24 months: taxed at 20% with indexation
This makes long-term holding more tax-efficient for investors.
Who Should Invest in Unlisted Shares?
Unlisted shares are not suitable for every investor. They are best suited for:
- High-risk investors
- Long-term investors
- Investors with strong research capability
- Those seeking pre-IPO opportunities
Beginners should be cautious and avoid allocating a large portion of their portfolio to unlisted shares.
Future of Unlisted Shares in India
The unlisted market in India is growing rapidly due to increasing startup activity and investor awareness.
With more companies delaying IPOs and staying private longer, the demand for unlisted shares is expected to rise.
Digital platforms and improved transparency will further boost participation in this segment.
Final Verdict: Are Unlisted Shares Worth It?
Unlisted shares can be a powerful investment tool if used correctly. They offer early access to high-growth companies but come with higher risk.
A balanced approach is essential. Investors should allocate only a small portion of their portfolio and focus on fundamentally strong companies.