Monthly Unlisted Market Report April 2025 Edition
Market Trend Analysis As of April 2025, the Indian unlisted and pre-IPO market continues to witness robust capital inflows from institutional investors, high-net-worth individuals (HNIs), and family offices, driven by strong performance in sectors like fintech, EV, and consumer tech.
NSE - +21% growth, driven by continued IPO anticipation and market confidence
Tata Capital - +14% growth, with rising demand in private placements
CSK (Chennai Super Kings) - +18% post-IPL investor sentiment boost Good luck defence - Goodluck Defence Ltd has announced plans to expand into manufacturing machine products for the defence and aerospace sectors. Lava International- +12%, sustained tailwinds from Make-in-India push
SECTOR HIGHLIGHTS
Fintech & Digital Lending: – Neo-banking platforms attract Series C+ funding at premium valuations.
EV & Green Energy: – Surge in Series B rounds for battery-tech and charging infrastructure startups.
Consumer Tech & D2C: – Startups like FirstCry and boAt continue strong growth with secondary market demand.
Lava International: – 15% growth in unlisted share prices in Q1 2025.
TOP PERFORMING UNLISTED SHARES NSE (National Stock Exchange) - NSE leads the unlisted
market with over 201% valuation growth.
SBI AMC - AGEL saw steady share price growth from 160 to 188 in the past year. OYO Rooms - steady interest in the unlisted market with rising pre-IPO demand, especially after structural business changes. Vikram Solar - Strong FY24 financials ( 79.7 Cr PAT and improved EBITDA) keep investor sentiment high.
Lava International - Lava continues to benefit from the Make-in-India initiative and growing demand for domestic smartphones.
PRE-IPO MARKET UPDATES Orbis - Orbis could consider a public listing by late 2025 or early 2026 Apollo Green - Apollo International Group, is preparing for its Initial Public Offering (IPO) in the second half of 2025.
Lava International - Expected to launch its IPO in early 2026, making it a key player for long-term investors.
PRIVATE EQUITY INSIGHTS Institutional funds continue to flow into late-stage startups, particularly in fintech, logistics, and green energy. Real estate-backed private equity investments are increasing, providing stability in a volatile market. Private markets remain highly active, with growing allocations from family offices and sovereign wealth funds.
Expert Opinion "The Indian unlisted market is entering a transformative phase. The surge in private valuations suggests that 2025 will be a pivotal year for IPOs. Investors who strategically position themselves in high-growth opportunities now are likely to see significant returns."*
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