NSE retail investors rise to 1.46 lakh in 3 months on anticipation of IPO

New Delhi: The unlisted market is witnessing a surge in investor activity, with shares of the National Stock Exchange emerging as a top draw. Fueled by anticipation surrounding the long-delayed NSE IPO, retail investors are aggressively accumulating its unlisted shares.

Over the past three months alone, the number of retail investors holding NSE shares has soared from 33,896 in March 2025 to 1,46,208 by June 2025—marking a fourfold increase. Market experts say this is among the largest retail-driven movements ever seen in the grey market. Consequently, the share of resident individual investors with holdings up to Rs 2 lakh has risen from 9.89 per cent to 11.81 per cent, highlighting growing retail participation in the pre-IPO segment.

The price trajectory of NSE’s unlisted shares has mirrored the investor enthusiasm. Since 2021, the stock has appreciated by 140 per cent, rising from around Rs 740 to Rs 1,775 as of May 2025. Within just one week in May, the price spiked sharply from Rs 1,800 to Rs 2,300, driven by limited availability of shares and heightened speculation around the IPO timeline.

The NSE IPO has remained in limbo for nearly eight years, further fueling interest. With optimism building and valuations soaring, the NSE’s unlisted shares continue to attract unprecedented attention—underscoring the growing clout of retail investors in India’s evolving capital

markets.