In the ever-evolving landscape of Indian equity markets, unlisted shares are steadily gaining traction among savvy investors. These are shares of companies that are not yet listed on any public stock exchange but hold tremendous growth potential. In 2025, with several startups nearing IPO and large private firms showing consistent performance, investors are eager to tap into the opportunities provided by these unlisted shares.
This article walks you through the top 10 unlisted shares to watch in 2025, their growth stories, and how you can invest in them. If you’re wondering about how to buy unlisted shares, the process, and the risks, we’ll cover that too — making it a comprehensive guide backed by expert insight from CoinDCX News.
Table of Contents
Why Consider Unlisted Shares in 2025?
Investing in unlisted shares is akin to discovering a hidden gem before it becomes mainstream. As IPOs become more frequent and regulations support pre-IPO investing, these shares offer an early-bird advantage. Here’s why they’re gaining interest:
- Higher growth potential due to early-stage entry
- Diversification outside traditional market avenues
- Valuation gaps between pre-IPO and post-IPO pricing
- Access to India’s unicorn boom
But with great potential comes higher risk. Understanding the right companies and the process of buying unlisted shares is crucial.
Top 10 Unlisted Shares to Watch in 2025
Here’s a curated unlisted shares list to consider in 2025:
1. Swiggy
Swiggy has grown beyond food delivery, diversifying into grocery and hyperlocal services. As it gears up for an IPO in the next 12–18 months, investors eye its strong brand recall and scalable model.
- Why Watch: High revenue growth, expanding into quick commerce
- Valuation Insight: Last private valuation stood at $10.7 billion
2. Ola Electric
A flagship in India’s EV movement, Ola Electric is strategically aligned with the country’s push for green mobility.
- Why Watch: Government support for EVs, battery innovation pipeline
- Expected IPO: Possibly late 2025
3. PharmEasy
A pioneer in digital healthcare delivery, PharmEasy benefits from rising online health consultations and medicine orders post-COVID.
- Why Watch: Merged with Thyrocare, enhancing diagnostics reach
- Growth Factor: Strong in Tier-2 and Tier-3 cities
4. HDB Financial Services
A subsidiary of HDFC Bank, HDB Financial is solid in its asset quality and NPAs, making it a conservative bet in the NBFC space.
- Why Watch: Stable financials, IPO likely post-HDFC merger
- Investor Interest: Backed by institutional investors
5. Reliance Retail
India’s largest retailer by revenue, Reliance Retail is already a behemoth in its sector, and its unlisted share is sought after for long-term value.
- Why Watch: Leadership in FMCG, expansion in JioMart
- Valuation: Over ₹9 lakh crore (unlisted valuation)
6. Tata Technologies
Tata Technologies operates in the booming engineering R&D services space. Backed by the Tata brand, it provides reliable returns and innovation leadership.
- Why Watch: IPO-ready, strong export revenue model
- IPO Buzz: Delayed IPO might launch in early 2026
7. Hero FinCorp
This financial arm of Hero MotoCorp has positioned itself strongly in the rural and semi-urban lending space.
- Why Watch: High loan book growth, favorable demographics
- IPO Forecast: Expected by FY26
8. NSDL (National Securities Depository Ltd)
One of the two main depositories in India, NSDL plays a critical role in demat operations and capital market infrastructure.
- Why Watch: Strong monopoly, regulatory backing
- Expected IPO: Delayed due to market conditions, but promising
9. Chennai Super Kings (CSK)
Not just a cricket team — CSK is a brand. With growing sports franchises becoming commercial juggernauts, CSK has a cult following.
- Why Watch: Brand value + sports monetization boom
- Price Trend: Shares trading at a premium in private markets
10. Boat (Imagine Marketing)
Known for wearables and smart accessories, Boat has rapidly grown in India’s urban youth segment.
- Why Watch: High brand resonance, Make-in-India focus
- IPO Insight: Pulled back earlier IPO plan; likely to return stronger
How to Buy Unlisted Shares in India
If you’re curious about how to buy unlisted shares in India, here’s a simplified guide:
Step-by-Step Process:
- Choose a Reputed Broker or Platform
Platforms like Analah Capital, UnlistedZone, and Planify specialize in unlisted shares buy. - Due Diligence
Research the company’s financials, valuation, and growth outlook. - Share Purchase Agreement
After agreement, shares are transferred from the seller’s demat to yours. - Payment
Payment is made via bank transfer after documentation. - Delivery Time
Shares usually reflect in your demat within 24–72 hours.
Where to Buy Unlisted Shares in India?
- Unlisted shares portals (e.g., UnlistedZone, Sharescart)
- Brokerage firms (e.g., Motilal Oswal, ICICI Securities)
- Peer-to-peer transactions via wealth managers or HNIs
Benefits of Investing in Unlisted Shares
- Early access to future IPO winners
- Potential for multi-bagger returns
- Diversification beyond public markets
- Institutional investor interest in pre-IPO firms
Risks Involved
- Low liquidity
- Unregulated pricing
- Potential delays in IPO or business exit
- Financials not as transparent as listed companies
Unlisted Shares Buy Strategy for 2025
If you’re considering the unlisted shares buy route in 2025, here’s how you can hedge risks:
- Allocate only a small portion (10–15%) of your portfolio
- Diversify across industries (tech, retail, finance, healthcare)
- Stay updated with quarterly and annual performance reports
- Exit when IPO nears or post-IPO lock-in ends for profit booking
Top 3 Sectors to Watch for Unlisted Shares Growth
- Electric Vehicles (EV) – Ola Electric, Ather Energy
- Fintech & NBFCs – HDB Financial, Hero FinCorp
- Consumer Brands & Retail – Boat, Reliance Retail
Conclusion
The world of unlisted shares is full of opportunities for those who are willing to look beyond the stock exchange screen. As 2025 promises a wave of new IPOs and investor optimism, entering early can be rewarding. However, due diligence is key. With insights like these from CoinDCX News, you’re better equipped to navigate this niche but booming space.
Whether you’re looking to diversify or get ahead of the IPO buzz, knowing how to buy unlisted shares in India and choosing from a reliable unlisted shares list will be your roadmap to success.
FAQs
1. What are unlisted shares?
Unlisted shares are stocks of companies that are not traded on public stock exchanges like NSE or BSE.
2. How can I buy unlisted shares in India?
You can buy unlisted shares via specialized brokers, wealth advisors, or online platforms dealing in pre-IPO shares.
3. Are unlisted shares legal in India?
Yes, buying and selling unlisted shares is legal and regulated under SEBI guidelines.
4. What are the risks in investing in unlisted shares?
Key risks include low liquidity, valuation mismatch, and lack of real-time data transparency.
5. Is investing in unlisted shares safe?
While not as liquid as listed shares, investing via reputed channels with proper documentation is relatively safe.
6. Do I need a demat account to buy unlisted shares?
Yes, unlisted shares are transferred electronically to your demat account.
7. How are unlisted shares priced?
Prices are based on the company’s valuation, investor demand, and previous private round funding valuations.
8. Can I sell unlisted shares anytime?
Selling can be tricky due to low liquidity, but possible through brokers or once the company goes public.
9. Will I get dividends on unlisted shares?
Yes, if the company declares dividends, shareholders of unlisted shares also receive them.
10. Where can I see the unlisted shares list in India?
You can explore updated lists on platforms like UnlistedZone, Sharescart, or broker websites specializing in private equity.
For more insights on unlisted shares, IPOs, and investment tips, follow CoinDCX News – your trusted guide in India’s evolving investment landscape.