
Unlisted stocks tied to upcoming IPOs are in high demand—and prices are spiking fast. Over the last month, shares of National Stock Exchange (NSE), HDB Financial Services, Tata Capital, Hero Fincorp, Vikram Solar, and NSDL have surged as investors rush to get in before these firms go public.
NSE has been the biggest gainer, climbing over 50% from ₹1,575 to ₹2,370 in just a month. The rally began after its shares were unfrozen in late March, opening the gates for investor interest. Since then, demand has soared as anticipation of its long-awaited IPO builds up.

What does this mean for the average investor?
For anyone trying to catch the IPO train early, unlisted stocks are becoming a key opportunity. If bought before listing, these shares can deliver significant gains—though the risks remain real. It’s like getting into a concert before the crowd shows up: better seats, but still a gamble on the main act.
And clearly, many believe the show’s going to be a hit.
According to Manan Doshi, Co-founder of UnlistedArena.com, “There’s excitement around high-profile names. When IPO news surfaces, unlisted share prices typically react fast.”
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Numbers don’t lie. Here’s the unlisted scorecard:
- NSDL jumped 20% to ₹1,200.
- Vikram Solar rose 14% to ₹435.
- Tata Capital increased by 15% to ₹1,035.
- HDB Financial Services surged 31% to ₹1,250.
- Hero Fincorp spiked 31.5% to ₹1,750.
All of this heat is backed by SEBI’s recent activity. In April, the regulator extended NSDL’s listing deadline to July, giving investors a ticking clock. Vikram Solar received approval for its ₹1,500 crore IPO last month, while Hero Fincorp got the green light for its ₹3,600 crore issue just last week. HDB Financial’s ₹12,500 crore IPO is also ready to roll, and Tata Capital’s ₹17,200 crore listing is reportedly next in line.
Sunny Agrawal of SBI Securities added, “For NBFCs like HDB and Hero Fincorp, the rally is partly driven by RBI’s rate cut. Lower borrowing costs can boost profits—investors are factoring that in.”
Meanwhile, Vikram Solar is riding the renewable wave. As India pushes green energy, solar stocks are heating up—and Vikram, being the largest module maker, is basking in the glow.
Still, here’s the catch: these stocks aren’t listed yet. Liquidity is limited, access is tricky, and there’s no promise they’ll list at a premium. But for those who can stomach the risk, the unlisted market is buzzing with pre-IPO potential.
Bottom line?
When SEBI speaks, investors listen—and when the IPO window creaks open, the unlisted market gets loud.
Disclaimer:
This article is for informational purposes only and does not constitute investment advice. Please consult a certified financial advisor before making any investment decisions.
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