MSEI, Zepto & Other Pre-IPO Shares: How They Performed in 2026 in India
India's unlisted and pre-IPO share market has seen significant price movements in 2026, with some companies recording sharp gains while others witnessed notable declines.
According to data reported by The Economic Times, based on Unlisted Arena data, MSEI's indicative price increased by around 124.6%, while Zepto's indicative price declined by approximately 48.3% over their respective comparison periods.
The contrasting performance of these companies highlights an important aspect of the private market: not every unlisted or pre-IPO company moves in the same direction.
For investors exploring unlisted shares in India, platforms such as Dhankirti provide access to information and opportunities across the private-market segment, including pre-IPO and unlisted companies.
What Happened in India's Unlisted Share Market in 2026?
The unlisted share market has remained an area of interest for investors tracking companies before a potential IPO or public listing.
The latest data shows considerable variation among different companies. MSEI recorded a substantial increase in its indicative price, while Zepto experienced a significant decline.
Some other companies covered in the Economic Times report also recorded gains, including:
Goodluck Defence & Aerospace: ₹350 to ₹425
PPFAS: ₹16,400 to ₹19,400
API Holdings: ₹4 to ₹7
Prisma Global AI: ₹7,500 to ₹8,500
On the other hand, several companies recorded declines, including Zepto, NCDEX, OYO, GFCL EV Products and Garuda Aerospace.
These movements show why investors researching pre-IPO shares and unlisted shares should assess individual companies rather than looking at the private market as one single asset category.
MSEI Unlisted Shares Rise Over 120%
One of the biggest movements highlighted in the report was seen in Metropolitan Stock Exchange of India (MSEI).
According to the reported Unlisted Arena data, MSEI's indicative price increased from ₹3.25 on January 1, 2026, to ₹7.30, representing a gain of approximately 124.6%.
The movement has attracted attention towards MSEI and the broader stock-exchange sector.
For investors tracking MSEI unlisted shares, it is important to understand that an indicative private-market price is different from the continuously traded price of a listed security.
Through Dhankirti, investors interested in MSEI and other unlisted shares can explore available opportunities and obtain information about indicative pricing and transaction processes.
Other Pre-IPO Shares That Gained in 2026
MSEI was not the only company to record a gain.
According to the data cited by Economic Times, other gainers included:
Company | Starting Price | Latest Price | Reported Change |
|---|---|---|---|
MSEI | ₹3.25 | ₹7.30 | +124.6% |
Goodluck Defence & Aerospace | ₹350 | ₹425 | +21.4% |
PPFAS | ₹16,400 | ₹19,400 | +18.3% |
API Holdings | ₹6.05 | ₹7 | +15.7% |
Prisma Global AI | ₹7,500 | ₹8,500 | +13.3% |
These figures represent indicative private-market prices reported in the source data and should not be interpreted as exchange-traded prices.
At Dhankirti, investors can explore different unlisted and pre-IPO share opportunities and review available information before considering a transaction.
Why Are Pre-IPO Share Prices Moving Differently?
There is no single reason why every unlisted share moves in the same direction.
Private-market prices can be influenced by several factors, including:
Company Fundamentals
Revenue growth, profitability, debt levels, cash flow and overall business performance can influence investor interest.
Valuation
The price investors are willing to pay for an unlisted company depends partly on its perceived valuation and growth expectations.
Sector Trends
Investor interest can increase around sectors such as financial markets, defence, artificial intelligence, technology and other emerging industries.
IPO Expectations
Potential IPO plans can attract attention to private companies. However, an expected IPO does not guarantee that a company will eventually list.
Private-Market Demand
Unlike listed shares, unlisted securities do not have continuous exchange-based price discovery. Private transactions and available buyers and sellers can therefore influence indicative prices.
How Are Unlisted Shares Different From Listed Stocks?
Investors considering buying unlisted shares in India should understand the differences between private-market and exchange-listed securities.
Unlisted shares generally have:
Early access: Invest before a potential IPO
Growth potential: Participate in emerging companies
Pre-IPO exposure: Access businesses before public listing
Diversification: Add private companies to your portfolio
Emerging sectors: Explore high-growth industries
Private-market opportunities: Access companies not yet listed on NSE/BSE
Long-term potential: Benefit if the company's value grows
Wider opportunities: Explore companies beyond the listed market
Dhankirti focuses on the unlisted and pre-IPO segment, helping investors explore available opportunities while understanding the nature of private-market transactions.
What Should Investors Check Before Buying Pre-IPO Shares?
Before purchasing any unlisted or pre-IPO share, investors should conduct appropriate due diligence.
Important factors include:
1. Financial performance
Review revenue, profitability, debt and cash-flow trends.
2. Business model
Understand how the company generates revenue and its competitive position.
3. Valuation
Compare the available price with relevant financial and business metrics.
4. Liquidity
Understand how easily the shares may potentially be sold in the future.
5. Potential IPO plans
An IPO may provide a future liquidity event, but there is no certainty that a company will list.
6. Transaction process
Understand documentation, settlement, share-transfer procedures and applicable charges before completing a transaction.
For investors exploring the private market through Dhankirti, these factors can provide a useful framework for evaluating unlisted shares and pre-IPO opportunities.
Frequently Asked Questions About Unlisted Shares
What are unlisted shares?
Unlisted shares are equity shares of companies that are not currently traded on stock exchanges such as NSE or BSE. They can be transacted through private-market mechanisms, subject to applicable rules and processes.
What happened to MSEI unlisted shares in 2026?
According to the Economic Times report citing Unlisted Arena data, MSEI's indicative price increased from ₹3.25 to ₹7.30 between January 1 and the reported latest period, representing a rise of approximately 124.6%.
How much did Zepto unlisted shares fall?
The report stated that Zepto's indicative price declined from ₹58 on January 12, 2026, to ₹30, representing a fall of approximately 48.3%.
Which pre-IPO shares gained in 2026?
The companies identified as gainers in the reported comparison included MSEI, Goodluck Defence & Aerospace, PPFAS, API Holdings and Prisma Global AI.
Which unlisted shares declined in 2026?
The reported decliners included Zepto, NCDEX, OYO, GFCL EV Products and Garuda Aerospace.
Can I buy unlisted shares through Dhankirti?
Dhankirti provides access to unlisted and pre-IPO share opportunities. Availability and indicative prices can change based on private-market conditions, so investors should check the latest information before proceeding.
Are unlisted shares risk-free?
No. Unlisted and pre-IPO investments can involve risks such as limited liquidity, price uncertainty, valuation risk and the possibility that a company may not complete a future IPO.
Final Takeaway
The 2026 performance data shows that India's unlisted and pre-IPO market can experience significant differences between individual companies.
MSEI's indicative price increased by approximately 124.6%, while Zepto's declined by around 48.3%. Other companies such as Goodluck Defence & Aerospace, PPFAS, API Holdings and Prisma Global AI also recorded gains, while NCDEX, OYO, GFCL EV Products and Garuda Aerospace declined over their respective comparison periods.
For investors exploring unlisted shares in India, these movements underline the importance of looking beyond short-term price changes.
At Dhankirti, investors can explore unlisted shares, pre-IPO opportunities and private-market investments while considering factors such as company fundamentals, valuation, liquidity and potential future listing plans.
Explore unlisted and pre-IPO opportunities with Dhankirti:
Website: dhankirti.co.in
Contact: 9821119010
Disclaimer: Unlisted and pre-IPO investments involve market and liquidity risks. Indicative prices may vary based on private-market transactions and prevailing market conditions. A potential IPO or listing is not guaranteed. This article is for informational purposes only and should not be considered investment advice.
