One Mobikwik Systems and Swiggy saw investors paying ₹850 and ₹500, respectively, in the unlisted market. Their IPO prices were far lower, at ₹279 for MobiKwik and ₹390 for Swiggy.
By Meghna Sen August 4, 2025, 12:10:19 PM IST (Published)
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Several investors have paid a huge premium for shares in the unlisted market, only to see IPO (initial public offering) prices come in substantially lower, exposing the high-risk nature of pre-IPO investing.
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NSDL’s shares changed hands for as much as ₹1,250 in the unlisted market, but the IPO was priced at ₹800, which is a gap of 36%.
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HDB Financial Services shows the largest monetary gap, unlisted shares went for ₹1,525, but IPO pricing halved that. The stock listed at ₹835 on both NSE and on BSE, compared to its issue price of ₹740.
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Shares of Waaree Energies were trading at ₹2,950 in the unlisted market before the IPO. The issue was priced lower, at ₹1,503. After listing, the stock hit a high of ₹3,743 and is currently trading at ₹3,117.
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Tata Technologies’ IPO was priced at ₹500, while some investors had paid as much as ₹1,100 earlier in the unlisted space. Though now at ₹688.55, it hasn’t fully recovered those early highs.
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Fintech startup One Mobikwik Systems and Swiggy saw investors paying ₹850 and ₹500, respectively, in the unlisted market. Their IPO prices were far lower, at ₹279 for MobiKwik and ₹390 for Swiggy.
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Ixigo was bought for ₹150 in unlisted deals, but the IPO was priced at ₹93. Sambhv Steel saw a 34% markdown from ₹125 to an IPO price of ₹82.
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It is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
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