🟠 NCDEX (National Commodity & Derivatives Exchange)
NCDEX unlisted shares surged ~150% in one year, now trading in the range of ₹415–₹475.
This rally comes after SEBI granted in-principle approval for NCDEX to launch equity and derivatives trading.
The exchange also raised ₹770 crore from top investors such as Zerodha, Groww, Radhakishan Damani, and Sunil Singhania.
Strong investor backing and regulatory approvals have made NCDEX one of the most talked-about unlisted shares this week.
🟠 OYO (Oravel Stays)
OYO’s unlisted shares jumped ~26% in one month.
The rise is linked to speculation that the company may file IPO draft papers in November 2025.
Investor sentiment is upbeat, as the company continues to improve margins and scale its business.
OYO’s price movement has outperformed many listed peers in the hospitality sector.
🟠 Pine Labs
SEBI approved the much-awaited Pine Labs IPO, expected to raise up to US$1 billion (₹8,000+ crore).
Funds will be used for overseas expansion, technology development, and debt reduction.
This approval boosted confidence in fintech unlisted shares, with market buzz around valuation multiples.
🟠 Canara HSBC Life Insurance
Received SEBI’s observation letter, allowing it to move forward with IPO preparations.
Next step: file an updated draft red herring prospectus.
This IPO will give investors exposure to the insurance sector, which continues to see strong growth potential in India.
🟠 Saatvik Green Energy
Launched its ₹900 crore IPO during this week.
Subscription window: 19–23 September 2025.
Grey Market Premium (GMP) was around 15%, signaling positive investor interest.
Funds will be used for capacity expansion and strengthening its position in the solar energy industry.
🟠 Ganesh Consumer Products
Announced IPO opening on 22 September 2025, aiming to raise ₹409 crore.
Price band set at ₹306–322 per share.
Proceeds to be used for building a new production facility, paying loans, and working capital needs.
Early signs suggest strong interest in this FMCG-focused IPO.
🟠 Small & Mid-Sized IPO Rush
September has seen a record number of IPOs, with many small and mid-sized companies rushing to list.
Reason: after September, SEBI requires updated financials, which would delay IPOs.
This has made September one of the busiest months for IPOs in recent years.
🟠 NSE (National Stock Exchange)
NSE CEO Ashishkumar Chauhan said the IPO process could take 9–10 months once SEBI grants its No Objection Certificate (NOC).
After the NOC, NSE will prepare and file the DRHP.
Investors continue to watch NSE’s unlisted shares, which remain among the most in-demand in the grey market.
🟠 SEBI (Regulatory Updates)
SEBI is working on wide-ranging reforms to simplify IPO norms and expand access for foreign investors.
These reforms are expected to make it easier for companies to go public, especially in fast-growing sectors.
The changes also aim to strengthen investor participation in the Indian equity markets.
✅ Key Takeaways
Unlisted Shares in Focus: NCDEX and OYO saw strong movements this week.
IPO Momentum: Pine Labs and Canara HSBC received approvals, while Ganesh Consumer Products and Saatvik Green Energy tapped the markets.
Regulatory Support: SEBI reforms and IPO clearances are driving investor excitement.
NSE IPO Watch: NSE remains a hot unlisted stock as it waits for SEBI’s nod.
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