The public stock market gets all the attention, but savvy investors know some of the real action happens before a company ever hits the stock exchange. That’s right — we’re talking about unlisted shares. These are the pre-IPO opportunities that offer early-mover advantages, often at attractive valuations.
With IPO activity likely to pick up in late 2025, now is a great time to explore high-potential unlisted companies shares in India. Whether you’re a seasoned investor or just entering the pre-IPO investing space, this list gives you a head start.
Here are the Top 10 Unlisted Shares to Watch in 2025 — curated by Rits Capital, your trusted wealth advisory partner.
1. Tata Capital
A crown jewel of the Tata Group, Tata Capital is a diversified financial services company with strong fundamentals, high credit ratings, and growing lending volumes across retail and SME segments. The buzz around its IPO has intensified, and its unlisted share price has been steadily climbing.
Why Watch?
A possible IPO in 2025, solid FY24 earnings, and Tata brand trust.
Explore more on Tata Capital unlisted shares at Rits capital
2. HDB Financial Services
Backed by HDFC Bank, HDB offers lending and BPO services. Its robust business model, consistent ROE, and recent performance spike make it one of the most searched unlisted stocks.
Why Watch?
IPO speculation remains strong, and its performance aligns well with India’s retail credit boom.
External Insight: HDB profile on Wikipedia
3. NSE (National Stock Exchange)
NSE is the heart of India’s financial ecosystem. Despite regulatory delays in listing, investor interest in NSE’s unlisted shares remains high.
Why Watch?
A future IPO could be massive. It’s a long-term value play with a near-monopoly in India’s equity trading infrastructure.
4. Lava International
Once a listed IT services company, Hexaware was delisted after a private equity acquisition. But it continues to shine in digital transformation and AI-driven tech services.
Why Watch?
Its re-listing plan is in motion. The tech + AI combination makes it a hot long-term bet.
5. Orbis Financial
Orbis is a SEBI-regulated custodian offering clearing, settlement, and fund accounting services. With India’s capital markets growing in depth, Orbis is becoming a quiet enabler of the infrastructure behind trading and investing.
Why Watch?
It’s a strong pre-IPO candidate in India’s fast-growing financial infrastructure space. Clean books, good governance, and operational strength make it a solid pick.
6. Studds Accessories
India’s largest helmet manufacturer with global ambitions, Studds taps into the rising two-wheeler market and regulatory push for road safety.
Why Watch?
Consistent growth, strong brand recall, and export expansion make it a niche but solid pick.
7. Polymatech Electronics
Polymatech is India’s first semiconductor chip manufacturer focused on opto-semiconductors. With India trying to reduce reliance on chip imports, this company is getting major government and private sector attention.
Why Watch?
Backed by PLI incentives, strong global partnerships, and a futuristic sector — semiconductors. Still under the radar, but not for long.
Learn more: Semiconductors on Investopedia
8. OYO Rooms
Yes, OYO had its share of controversy and business model pivots. But with improved profitability metrics in FY24, it’s attempting a comeback.
Why Watch?
If it hits profitability sustainably, an IPO in 2025 is likely. For bold investors, OYO offers an early entry into hospitality tech.
9. NSDL (National Securities Depository Limited)
NSDL is one of the two main securities depositories in India, responsible for maintaining and securing millions of investors’ demat accounts. It plays a foundational role in the Indian capital market infrastructure.
Why Watch?
With SEBI clearing the path for its IPO, NSDL is gearing up for a likely listing in 2025. This makes it one of the most anticipated public issues in the fintech infrastructure space.
Learn more about NSDL on Investopedia
Learn more: Reliance Retail – Investopedia overview
10. Apollo Green
A new-age clean energy startup, Apollo Green is focused on solar power infrastructure, EV charging stations, and green hydrogen R&D. It’s gaining investor interest in the sustainable energy sector.
Why Watch?
With climate goals driving energy policy, companies like Apollo Green could be tomorrow’s market leaders. A bold, high-growth play for ESG-conscious portfolios.
Why Invest in Unlisted Companies Shares in 2025?
Here’s the thing: 2025 could be a pivotal year for India’s capital markets, with global funds returning, inflation easing, and domestic consumption growing. While listed equities are priced in real-time, unlisted shares often trade at a discount, giving early investors an edge.
You also gain:
- Access to growth stories before public hype
- Portfolio diversification outside traditional equity and debt
- Potentially higher long-term capital appreciation
Want to learn how pre-IPO investments work? Read our guide: Investing in Unlisted Shares with Rits Capital
Things to Keep in Mind
- Liquidity is limited. Unlike listed stocks, selling unlisted shares takes time.
- Valuation transparency is lower, so choose credible platforms like Rits Capital.
- Regulatory risks are real — always check SEBI guidelines and company filings.
- Entry Point Matters — timing your entry in unlisted stocks is critical.
At Rits Capital, we offer curated access to high-potential unlisted shares, in-depth research, and complete assistance for pre-IPO investments. Our team helps you navigate the private market like a pro — minus the confusion.
Conclusion
2025 is shaping up to be a year of renewed IPO action and market expansion, making this the right time to start exploring India’s unlisted space. The companies listed above aren’t just names — they’re part of India’s next wave of economic transformation.
Some will win big. Others may fizzle out. But with the right guidance, timing, and research, you could be among the early believers who saw the story before the headlines did.
So, are you ready to enter the world of tomorrow’s market leaders — today?
Reach out to us at Rits Capital to start your unlisted journey now.
FAQs
Q1. Are unlisted shares legal to buy in India?
Ans: Yes, buying unlisted shares is completely legal. Just ensure you’re investing through SEBI-compliant intermediaries.
Q2. How can I buy unlisted shares through Rits Capital?
Ans: You can explore opportunities on our Unlisted Market section or speak directly with our advisors.
Q3. Are unlisted shares risky?
Ans: Yes, they carry liquidity, regulatory, and valuation risks. However, they also offer significant upside if picked wisely.
Q4. Can NRIs invest in unlisted shares in India?
Ans: Yes, subject to RBI guidelines and investment routes like the NRO/NRE account. Our team can assist NRIs with onboarding.
Q5. When do these companies usually get listed?
Ans: There is no fixed timeline. However, companies typically go public once they meet SEBI’s profitability and listing criteria.