Unlisted Companies Making Big Pre-IPO Moves in 2025
In early 2025, Indian equity markets experienced a notable downturn, influenced by sustained selling from foreign institutional investors. This trend has been driven by high valuations, a slowing domestic economy, weaker earnings growth, and global trade tensions following the U.S. election outcome. While the broader market has faced significant pressure, unlisted shares have seen relatively milder corrections.
The unlisted equity space has remained comparatively stable during this period. Krishna Patwari, Founder & Managing Director of Wealth Wisdom India Pvt. Ltd. (WWIPL.com) says, “Due to limited availability and lower trading volumes, unlisted shares tend to be less affected by short-term market sentiment. This reduced volatility often positions them as a potential safe haven during times of market uncertainty. With careful analysis, unlisted shares may offer undervalued opportunities that are not immediately impacted by market-wide disruptions. For long-term investors, they can play a meaningful role in portfolio diversification, despite their relatively lower liquidity.”
Which Sectors in the Unlisted Space Offer Resilience and Returns in a Volatile Market?
Despite market volatility, some sectors have shown resilience and strong return potential in the unlisted space. Financial services and non-banking financial companies (NBFCs) have been supported by strong earnings growth, favorable valuations, and improving fundamentals. These sectors are considered stable and are drawing investor interest. Based on the market outlook, Krishna Patwari has highlighted 5 promising unlisted equity shares from different sectors that are expected to show long-term growth in 2025 :
1. National Stock Exchange (NSE) - The National Stock Exchange, or NSE, is a crucial component of India's financial system. Strong returns and consistent sales growth have earned it recognition, and it is currently considering an IPO. Currently trading at 1550 per share, the NSE is now the most valuable unlisted firm in the nation, surpassing Serum Institute of India (SII) with a valuation of Rs 3.8 lakh crore. Consolidated gains increased 48% YoY to ₹5,704 crore in FY25 H1, while standalone gains increased 44% YoY to ₹4,914 crore.
- Power Exchange India Limited (PXIL) : India’s first power exchange established with institutional backing, it has been delivering innovative and reliable solutions since 2008, transforming the dynamics of the Indian power market. As of April 27th, its share price stood at ₹320. In the fiscal year 2024, the company reported ₹54.22 Cr in revenue from operations and a profit after tax of ₹22.10 Cr.
3. SBI Funds Management (SBI AMC): An unlisted subsidiary of the State Bank of India, SBI AMC has been active in India’s asset management industry for over 30 years and its current share price is ₹2600 (As of April 27). A diverse portfolio of over 500 mutual fund schemes is managed, with total assets under management reaching ₹11.14 lakh crore. In FY 2023–24, the PAT stood at ₹2,072 Cr. During 9MFY25 the company recorded a PAT of ₹1,919 Cr.
4. National Securities Depository Limited (NSDL) : This is India’s largest securities depository, planning a ₹3,000 crore IPO—one of the year’s most awaited. SEBI has extended the deadline for the IPO launch to July 2025. The offer is entirely an Offer for Sale (OFS) of 5.72 crore shares by six existing shareholders, including NSE (which holds a 24% stake), IDBI Bank, and HDFC Bank. For the quarter ending December 2024, NSDL reported a 29.82% year-on-year increase in consolidated net profit, rising to ₹85.8 crore. Total income grew 16.2% to ₹391.21 crore, compared to ₹336.67 crore in the same quarter the previous year.
- Parag Parikh Financial Advisory Services (PPFAS) Ltd : It is a prominent investment advisory firm with over 20 years of experience in equity, fixed income, and mutual fund investments. Known for its deep market knowledge, robust risk management, and research-driven approach, PPFAS provides expert financial advice. As of April 27, its share price stood at ₹8,000. For FY24, the company reported a consolidated total income of ₹215.64 Cr and a profit after tax of ₹109.10 Cr.
Unlisted equity shares are less frequently traded than listed shares, which allows them to remain undervalued for longer periods. This makes them suitable for new and small investors aiming for higher returns. Wealth Wisdom India Pvt Ltd (wwipl.com) offers access to unlisted shares and other exclusive investment opportunities. Its flagship, PRIMEX 40 Index, features real-time calculation for timely insights and sector-wide representation for a broader Private market view. Many of these companies are expected to launch their IPOs soon, offering a chance to invest before public listing. If these companies perform well and the IPO is successful, the value of pre-IPO shares could rise significantly after listing.
Unlisted shares are often linked to businesses with strong growth potential and lower initial valuations. These factors make them appealing to investors amid market fluctuations seeking early-stage opportunities in sectors like finance, energy and more with the potential for multibagger returns.
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