Unlisted IPO-bound stocks selling like hot cakes after one-month rally

Unlisted IPO‑bound stocks are seeing a significant surge in investor interest, with companies like NSDL, Vikram Solar, HDB Financial Services, Tata Capital, and Hero Fincorp recording sharp gains in the past month .

In April, SEBI extended NSDL’s listing deadline to July 31, offering the depositary more time to finalise its IPO strategy. In parallel, Vikram Solar secured clearance for its Rs 1,500 crore IPO last month, and Hero Fincorp received approval for its Rs 3,600 crore issue just last week.

📈 Rally across the board

Over the past month, unlisted shares of IPO‑bound companies have posted impressive gains:

• NSDL climbed over 20 %, from Rs 995 to Rs 1,200 per share.

• Vikram Solar rose more than 14 %, moving from Rs 380 to Rs 435.

• Tata Capital increased nearly 15 %, from Rs 900 to Rs 1,035

• HDB Financial Services surged over 31 %, reaching Rs 1,250 from Rs 950

• Hero Fincorp jumped 31.5 %, trading at Rs 1,750 versus Rs 1,330

Among them, the National Stock Exchange (NSE) saw a remarkable rally—its unlisted shares rose roughly 46–50 %, from around Rs 1,575 to anywhere between Rs 2,300–2,370

❓ Why the frenzy in unlisted IPO‑bound stocks?

Manan Doshi, co‑founder of UnlistedArena.com, explained:

“The unlisted space typically sees a spike in demand when IPO clarity emerges. Prices tend to rally as investors rush to get in before the listing window opens.”

This sentiment is echoed by other analysts: once companies receive regulatory approvals and listing timelines firm up, unlisted shares become highly attractive. Investors are eager to enter early—anticipating a jump in listing price.

🕒 NSDL’s IPO deadline: extended until July

SEBI’s decision in April to extend NSDL’s IPO listing deadline to July 31, 2025 was a pivotal moment. This gave NSDL more runway to solidify IPO readiness and build investor confidence—a clear signal boosting optimism in its unlisted stock.

💡 What this means for investors

• Early‑bird appeal: Unlisted IPO‑bound shares offer a chance to buy before the anticipated listing, often at significant discounts.

• Momentum playing: With SEBI approvals and deadlines out, demand spikes quickly—as seen in NSDL, NSE, Vikram Solar, Hero Fincorp, HDB, and Tata Capital.

• Risks remain: While upside is strong, unlisted markets can be illiquid and volatile. Investors must understand potential listing delays or valuation mismatches.

✅ In summary

• Unlisted IPO‑bound stocks are heating up, with double‑digit and even 50 %+ rallies in key names.

• NSDL’s listing deadline extended to July has brought fresh investor confidence.

• Early listing clarity and SEBI approvals are powerful triggers—fanning FOMO and inflows into unlisted IPO‑bound stocks.

Important sentence to note: “Prices tend to rally as investors rush to get in before the listing window opens.” This highlights the core dynamic fueling this month’s rally.