Zepto, the Mumbai-based food delivery startup founded by two Stanford dropouts who were barely 19 when they founded the company has received in-principle approval from SEBI for its ₹11,000 crore ($1.3 billion) IPO.

Zepto Receives SEBI Approval for $1.3 Billion IPO Plan

When a consortium led by Blackstone, Aditya Birla and Kal Somani plunged $3.41 billion into RCB and Rajasthan Royals shares within days of each other, the grey market for Chennai Super Kings shares was quickly awakened. Let’s have a look, what the numbers actually say and what they don't.​It took less than 72 hours. When United Spirits Limited announced on March 24, 2026 that it had sold Royal Challengers Bengaluru to a consortium of Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone's BXPE for $1.78 billion, the Indian Premier League's financial architecture shifted overnight. Days earlier, a Kal Somani-led consortium had swept up Rajasthan Royals for $1.63 billion.&nbsp;In the pre-IPO market that lightly regulated, sentiment-driven grey zone where Chennai Super Kings shares change hands in Demat accounts the response was immediate and sharp. <a target="_blank" href="https://www.planify.in/research-report/chennai-super-kings-cricket-limited/">CSK's unlisted share price</a>, trading around ₹248–255 before the deals broke, surged past ₹310–320. The rally: north of 25%, compressed into a few frenzied trading sessions.​The question worth asking isn't whether the rally happened. It did. The question is whether it means what the bulls think it means and whether the same logic that sent RCB and Rajasthan Royals past the billion-dollar mark actually applies to a franchise that trades in an opaque private market, carries a significant earnings dependency on one revenue stream, and is yet to signal any IPO intent.​CSK is a more successful franchise with stronger brand value than both its peers. It should command a premium, not a discount. Let's start with the number that puts this whole story into perspective. In 2008, India Cements bought the Chennai Super Kings for $91 million.&nbsp; N. Srinivasan probably celebrated with filter coffee. This March, Blackstone, the world's largest alternative asset manager, a firm that buys office towers and data centres signed papers to co-own Royal Challengers Bengaluru for $1.78 billion. The same week, a consortium led by Kal Somani, an America-based entrepreneur most people in Indian finance had never heard of before 2025, paid $1.63 billion for Rajasthan Royals. Two deals. One week. $3.41 billion. The RCB transaction alone exceeded the combined price paid for the other Lucknow and Ahmedabad concessions franchises when the BCCI sold those two slots in 2021. The grey market reacted the way grey markets always do when large numbers appear nearby quickly and without nuance. CSK unlisted shares surged over 25% in a single week, pushing the franchise toward a record-breaking implied valuation. From roughly ₹242 per share before the deals were announced, the stock ran to ₹306–320, touching a 52-week high of ₹313. Demand for CSK shares rose sharply, with investor enquiries increasing roughly 20% in just a few days. On the surface, the logic is clean: two comparable IPL assets just got valued at $1.6–1.8 billion each. CSK is arguably a stronger franchise than both. It trades at roughly ₹11,000–12,000 crore market cap, which is somewhere around $1.3 billion. Therefore it's a cheap Buy. <div style="margin-left:0pt"><table><tbody><tr><td>Franchise</td><td>Buyer Consortium</td><td>Valuation</td><td>INR Equivalent</td></tr><tr><td>Royal Challengers Bengaluru</td><td>Aditya Birla, Times, Bolt, Blackstone</td><td>$1.78 Bn</td><td>₹16,660 Cr</td></tr><tr><td>Rajasthan Royals</td><td>Kal-Somani led Consortium</td><td>$1.63 Bn</td><td>₹15,300 Cr</td></tr><tr><td>Gujarat Titans</td><td>CVC Capital Partners Exit</td><td>$800 Mn</td><td>₹7,500Cr </td></tr><tr><td>CSK</td><td>Grey market pricing (₹310-312/sh)</td><td>$1.3Bn</td><td>₹11,500 - 12,000 Cr</td></tr></tbody></table></div> <h2 style="line-height: 1.38;text-align: justify">Why CSK Moves When Others are Sold?</h2>CSK is the only IPL franchise actively traded in the unlisted market, a direct consequence of its demerger from India Cements. Every other IPL franchise is either privately held in its entirety, owned by a listed company where cricket is a footnote in the annual report, or both. When institutional capital wants to take a view on the IPL as a financial asset class&nbsp; and increasingly, it does, CSK unlisted shares are the only instrument available. The current rally highlights how scarcity of investable assets combined with strong brand value can drive sharp price movements. This scarcity premium is real and it matters. It also means that CSK's grey market price is only partially a reflection of what the business is worth. It is also a reflection of the fact that there is nothing else to buy. When Blackstone signals that sports franchises belong in an institutional portfolio, the money that can't buy RCB or Mumbai Indians flows directly into CSK unlisted the only door that's open. That dynamic inflates the price beyond pure fundamentals, and it will continue to do so until either another franchise becomes tradeable or CSK itself lists. <h2 style="line-height: 1.38;text-align: justify">The Franchise Scoreboard Actually Favours CSK</h2>The gap between CSK's implied private-market cap and RCB's transaction price roughly $480 million, or about 27% is exactly the "30% discount" that unlisted market participants are now screaming about. The logic is seductive: CSK has won five IPL titles versus RCB's one, carries a higher win percentage (59.83%), has a more diversified commercial base, and crucially&nbsp; has been profitable for consecutive years. Why should a less decorated, freshly-title-winning franchise command a higher valuation? The bulls aren't wrong when they argue the discount to RCB is hard to justify on merit. Let’s look at what one of the most detailed recent evaluations the Media Partners Asia Composite Scorecard actually found. Mumbai Indians came out on top with 360 out of 400 points, followed by Chennai Super Kings in second place with 320 points. Royal Challengers Bengaluru ranked fourth with 230 points, largely due to having just one title in 18 seasons, limited international presence, and a heavy dependence on a single star player. Read that again. The franchise that just fetched $1.78 billion the most expensive IPL franchise ever sold ranks fourth on an objective scorecard. The franchise that's currently trading at a 27–30% discount ranks second. Experts believe that CSK should command a 5-10% premium over RCB, that would fetch close to ₹18,000 crore, given its brand heritage, consistent performance and track record in the world's biggest T20 league. At ₹18,000 crore, this represents an increase roughly around 50–55% upside over current prices. But the Financials Tell a More Complicated Story. Before you reach for the buy button on your unlisted broker's app, it's worth sitting with the actual numbers for a moment. CSK reported total revenue of ₹644 crore, operating profit of ₹252.10 crore, and net profit of ₹180.94 crore for FY25. That's a solid business near-zero debt, ₹336 crore in cash on the balance sheet, a 1,000% dividend declared for the year. For a sports franchise, this level of consistent profitability is genuinely rare. Most global sports businesses burn cash at extraordinary rates. CSK makes money every single year. But at ₹310–320 per share and roughly ₹11,500–12,000 crore market cap, you are paying approximately 63–66 times last year's earnings. That is not a cheap multiple by any standard and it comes with a revenue structure that is heavily concentrated. Revenue from BCCI central media rights stood at ₹493 crore in FY25, providing predictable, high-margin cash flows for the next 4–5 years. This equates to around 76 paise out of every rupee earned by CSK. The remainder comes from sponsorship (~14%) and competition and tournament-related revenues such as gate receipts and prize money (~10%). The concentration risk here is not theoretical. It is the single most important variable in the entire CSK investment thesis. Which brings us to the headwind that almost nobody is talking about loudly enough. <div style="margin-left:0pt"><table><tbody><tr><td>Metric</td><td>FY23</td><td>FY24</td><td>FY25</td></tr><tr><td>Total Revenue</td><td>₹450 Cr</td><td>₹695</td><td> ₹644</td></tr><tr><td>Operating Profit (EBITDA)</td><td>₹160 Cr</td><td>₹280 Cr</td><td>₹252 Cr</td></tr><tr><td>Net Profit (PAT)</td><td>₹110 Cr</td><td>₹190 Cr</td><td>₹180 Cr</td></tr></tbody></table></div> <h2 style="line-height: 1.38;text-align: justify">The Chennai Super Kings IPO Question</h2>Every conversation about CSK unlisted shares eventually arrives at the same destination: will it list on a public exchange? The honest answer from people who track this closely is not anytime soon, but not impossible either. The case for an eventual <a target="_blank" href="https://www.planify.in/research-report/chennai-super-kings-cricket-limited/">CSK IPO</a> is straightforward. CSK has one of the largest retail investor bases of any unlisted entity in India, a direct consequence of the 2018 demerger that distributed shares to India Cements' entire shareholder registry. Many of these holders are long-term retail investors with no other exit option. A public listing would give them liquidity and create genuine price discovery. For the franchise itself, an IPO would establish a reference valuation that could eventually be used for further strategic transactions. The case against is equally clear. CSK doesn't need money. It generates healthy cash flows, sits on a strong balance sheet, and has no apparent capital requirement that a public market could address. N. Srinivasan and India Cements have shown no indication of wanting to dilute their control. The franchise is a trophy asset and a closely-held power base. Absent a regulatory push, a succession event at India Cements, or a change in the promoter's strategic calculus, the IPO remains a tail scenario, something that could happen, but for which there is no current catalyst. Investors who price the present shares partly on IPO optionality are simultaneously buying a genuinely good business and a lottery ticket. That is fine, as long as they are honest with themselves about which part is which. <h2 style="line-height: 1.38;text-align: justify">Conclusion</h2>CSK is a genuinely exceptional sports franchise, arguably the most successful team in IPL history by on-field metrics, and one of the most commercially resilient. Its financials are clean: near-zero debt, ₹336 crore in cash, consistent profitability, and a resumed dividend. If you believe IPL franchises are converging on NFL/NBA-style valuations and that the scarcity of ten perpetual licenses sustains premium pricing regardless of earnings cycles, the discount to RCB is real and the re-rating thesis has merit. But the 25% grey-market surge that followed the RCB and RR deals is, at least in part, a sentiment-driven trade&nbsp; not a fundamental re-rating. The market has moved before the fundamentals have confirmed. The MPA report warning about flat media rights growth from 2028, the loss-making subsidiaries, the 63–66x trailing P/E, the structural illiquidity, and the absence of any IPO catalyst mean the risk/reward at ₹310–320 per share is materially less attractive than it was at ₹175 –200 a year ago.

CSK is a more successful franchise with stronger brand value than both its peers. It should command a premium, not a discount. Let's start with the number that puts this whole story into perspective. In 2008, India Cements bought the Chennai Super Kings for $91 million.

CSK Unlisted Shares Jump 25% on $3.4B IPL Deal

Garuda Aerospace IPO is something investors are closely watching, as the company continues to expand rapidly across multiple segments of the drone ecosystem.

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Investing in India largely meant participating in the listed markets tracking stock prices, following quarterly results, and reacting to market movements.

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Orbis has attracted investments from marquee investors, including multiple rounds led by Ashish Kacholia, raising over ₹100 crore in recent funding to strengthen its market position and expand capabilities.

Orbis Financial Eyes 25% Growth in Q4 as Merger Plans Take Shape

India’s fintech sector is heading toward one of its most closely watched listings as PhonePe prepares for its public market debut. Backed by Walmart, the company has already filed its Updated Draft Red Herring Prospectus (UDRHP) with Securities and Exchange Board of India. The&nbsp;PhonePe upcoming IPO is expected to be among the largest fintech listings in India and could value the company in the $9–$10.5 billion range, depending on market conditions and investor demand. However, the DRHP reveals a more nuanced story: while PhonePe dominates India’s digital payments ecosystem, its financial model still relies heavily on payments infrastructure while newer revenue streams are gradually scaling. The Rise of PhonePe in India’s Digital Payments Market Founded in 2015, PhonePe has emerged as the largest digital payments platform built on India’s Unified Payments Interface (UPI). The scale of the platform today is enormous:<ul><li style="font-size:16px;color:#222222;background-color:transparent">650+ million registered users</li><li style="font-size: 16px;color: rgb(34, 34, 34);background-color: transparent">47–50 million merchant partners</li><li style="font-size: 16px;color: rgb(34, 34, 34);background-color: transparent">Over 45% share of UPI transaction volume</li></ul> As of late 2025, the platform processed 9.8 billion transactions in a single month, accounting for a significant portion of India’s digital payment activity.&nbsp; This dominance has made PhonePe one of the most important digital infrastructure companies in India’s fintech ecosystem. IPO Structure: Pure Offer for Sale One of the most notable aspects of the <a href="https://www.planify.in/research-report/phonepe/">PhonePe IPO</a> is its structure. According to the updated DRHP: The IPO will be entirely an Offer for Sale (OFS) Up to 50.66 million equity shares will be sold No fresh capital will be raised by the company This means all proceeds from the IPO will go to existing shareholders, not the company itself. (Kotak Neo) Major shareholders expected to sell part of their stakes include: WalmartTiger GlobalMicrosoft Walmart, the largest shareholder, is expected to reduce its stake by roughly 12%, while some early investors may exit fully.&nbsp; PhonePe Financials: Revenue Growth and Profitability Trends The financial data disclosed in the DRHP shows strong growth but also highlights the company’s continuing losses. Revenue Growth:&nbsp; PhonePe has witnessed rapid expansion in revenue over the past three years. Revenue has grown at a 56% CAGR between FY23 and FY25, reflecting increased monetisation across merchant services, lending, and insurance distribution. In FY25 alone, revenue grew 40% year-on-year. Profitability: Despite the strong revenue growth, the company remains loss-making. Losses have narrowed, suggesting improving operational efficiency.&nbsp; However, profitability is still some distance away as the company continues investing heavily in product development, merchant acquisition, and financial services expansion. FY26 Performance (Half-Year) For the six months ending September 2025:Revenue: ₹3,918 croreNet loss: ₹1,444 croreRevenue grew around 22% year-on-year, but losses widened due to higher operating expenses.The DRHP highlights a key structural feature of PhonePe’s business model.Most revenue still comes from its payments ecosystem.Revenue Breakdown (FY25)Payments services: ₹6,299 crore (~88.5%)Insurance and lending distribution: ₹557 croreOther services (broking, marketplace, etc.): ~₹57 crore Payments remain the core revenue driver, while financial services are still in the early stages of scaling. Industry analysts often describe payments as “the distribution engine rather than the profit centre. Monetisation primarily happens through lending, insurance commissions, and merchant services. Strategic Expansion Beyond Payments To diversify revenue streams, PhonePe has been expanding aggressively into new verticals. Key initiatives include: Share.Market – stockbroking and wealth platformInsurance distribution marketplaceLending partnerships with NBFCs and banksIndus Appstore – India-focused app marketplacePincode – ONDC-based commerce platform These segments aim to increase monetisation per user and reduce dependence on UPI payments. Competitive LandscapePhonePe operates in one of the most competitive fintech ecosystems globally. Major competitors include:Google PayPaytmAmazon PayAmong these players, PhonePe currently leads the UPI ecosystem in transaction volume and merchant adoption.However, competition remains intense because digital payments in India generate very thin margins due to regulatory policies such as zero MDR for UPI transactions. Key Risks Highlighted in the DRHP​The DRHP outlines several risks that investors should consider. 1.&nbsp; Regulatory Risks: India has discussed introducing UPI market share caps, which could potentially limit the dominance of large platforms. 2.&nbsp; Revenue Concentration: A large portion of revenue still comes from payments-related services. 3.&nbsp; Profitability Pressure: High marketing costs, incentives, and technology spending continue to impact margins. 4. Competition: Strong competition from global tech companies and fintech startups could pressure market share and pricing. Final Thoughts The <a href="https://www.moneycontrol.com/news/business/ipo/phonepe-pauses-ipo-process-citing-geopolitical-conflicts-and-market-volatility-13861680.html">PhonePe Upcoming IPO</a> reflects the evolution of India’s digital economy. Few companies have achieved the scale PhonePe has in such a short period serving hundreds of millions of users and processing billions of transactions every month. Yet the real question for investors is not about growth, it is about monetisation. If PhonePe successfully converts its massive payments network into a profitable financial services ecosystem, the IPO could mark the beginning of the next phase of India’s fintech story.

The upcoming IPO is expected to be among the largest fintech listings in India maintaining dramatic transformation and could value the company between $9 billion and $10.5 billion, depending on market conditions and investor demand.

PhonePe Targets $10.5 Billion Valuation in Upcoming IPO: What Investors Need to Know.

After a subdued 2024–25 where market caution dampened headline valuations and trading debuts, 2026 has re-ignited investor focus on India’s fintech ecosystem, not just as growth stories but as material public market opportunities. The year is shaping up for a cohort of fintech companies whose public listings could mobilize between ₹8,000 crore and ₹12,000 crore from Indian and global capital pools.&nbsp; That’s money that isn’t just about short-term listing pops; it may shape how digital finance and credit ecosystems scale in India’s next phase of financial inclusion and digital penetration. This isn’t speculative optimism, it's based on filings, regulatory approvals and pre-IPO positioning already visible in the primary market pipeline.&nbsp; 1.&nbsp; &nbsp;Phonepe At the top of the fintech list is <a href="https://www.planify.in/research-report/phonepe/">PhonePe</a>. In January 2026, India’s biggest digital payments platform secured regulatory clearance from the Securities and Exchange Board of India (SEBI) to launch a mega IPO targeted at around ₹12,000 crore through an Offer for Sale (OFS). This IPO isn’t just another listing; it represents a symbolic and strategic milestone for India’s fintech story: PhonePe owns one of India’s largest UPI payments volumes and a growing lending/wealth ecosystem. The planned issue leans on investor appetite for scale and profitability signals, rather than just user numbers. Analysts see this as a bellwether for other fintech IPOs, helping reset valuations after a cautionary dip in 2025. If PhonePe delivers anything close to ₹12,000 crore in mobilization&nbsp; it will dwarf most fintech listings in India’s history and will set the tone for the rest of the year. 2.&nbsp; &nbsp;Razorpay​ Not far behind PhonePe in investor attention is <a href="https://www.planify.in/research-report/razorpay/">Razorpay</a>. Sources reporting on its IPO preparation suggest the company is gearing up for a public debut targeting a ₹4,000–₹5,000 crore fresh issue, with merchant banks, including Kotak Mahindra and Axis Capital, involved in the early syndication process.&nbsp; Why Razorpay matters: It has evolved from a payments gateway into a full stack fintech platform, encompassing payroll, banking, lending and insurance services. Unlike some high-growth startups burning cash, Razorpay has focused on diversified monetization and regulatory compliance factors that public investors prize. Its IPO could contribute ₹4,000 crore+ to the fintech fundraising total for 2026. This kind of size matters because it signals not just a binary listing success, but institutional confidence in fintech profitability trajectories. 3.&nbsp; Aye Finance Early 2026 saw one of fintech’s most interesting pre-IPO signals, Aye Finance, an Alphabet-backed lending NBFC, successfully raised ₹454 crore from anchor investors ahead of its IPO, illustrating strong institutional backing ahead of its public market debut.&nbsp;​What makes Aye Finance stand out: It operates in the MSME lending space, a segment with substantial latent demand. Institutional anchor investments (including Goldman Sachs) suggest confidence in credit quality and growth fundamentals. While <a href="https://www.ayefin.com/">Aye Finance IPO</a> size is smaller than the mega fintech listings, it could contribute meaningfully perhaps ₹1,000–₹1,500 crore due to strong underwriter support and strategic positioning. The Mid-Sized Contenders Beyond the big names, a suite of companies, largely late-stage startups are expected to explore public listings in 2026. While not all have confirmed issue sizes yet, their presence hints at a broader fintech funding wave: OnEMI Technology Solutions (operator of Kissht): Filed IPO papers to raise ~₹1,000 crore with SEBI.&nbsp; Digital banking platforms and neo-banking plays like Niyo are rumored in the mid-2026 pipeline (though not publicly sized yet).&nbsp; Others such as PayU, PayNearby and Turtlemint have been flagged by market trackers as likely IPO candidates later in the year, focusing on payments, lending and insurance distribution.&nbsp; Collectively, these listings, if they materialize, could add another ₹2,000–₹3,000 crore to the fintech IPO tally, especially if some mid-sized listings attract strong institutional demand. What This Means for Investors and Markets The 2026 fintech IPO landscape is not just about raising capital it’s a structural moment for India’s financial infrastructure narrative: Public markets are rewarding sustainability over sheer growth, a key evolution from the earlier frothy cycles.&nbsp; Fintech companies are entering the public domain at a time when digital finance adoption is mainstream (thanks to UPI and embedded credit flows). Institutional confidence via anchor allocations and pre-IPO placements suggests a deeper appetite for quality fintech stories. Market Dynamics Ahead&nbsp; Even as these numbers excite, a few realities drawn from IPO market behaviour in recent months, underscore prudent caution: February 2026 IPO market data shows SME listings garnered strong subscription ratios while mainboard IPOs delivered modest listing gains, emphasizing selectivity.&nbsp; Valuations are being scrutinized; private market multiples don’t automatically transfer to public market pricing unless fundamentals profitability, regulatory compliance and governance are evident.&nbsp; In that sense, the real story going into fintech IPO season isn’t about hyperbole, it’s about quality and discipline. Conclusion&nbsp; The upcoming fintech IPO pipeline is less about hype and more about maturation. Payments giants, merchant platforms, and digital lenders are stepping into public scrutiny with stronger balance sheets and clearer governance frameworks. If market conditions remain supportive, 2026 could become the year fintech meaningfully reshapes India’s primary market landscape mobilizing ₹8,000–₹12,000 crore and redefining how technology-led finance is valued on Dalal Street.

he year is shaping up for a cohort of fintech companies whose public listings could mobilize between ₹8,000 crore and ₹12,000 crore from Indian and global capital pools.

Upcoming Fintech IPOs That Can Mobilize ₹8,000–₹12,000 Crore in 2026

Skyways Air Services Limited, whose IPO is scheduled to open on March 18, 2026.

Skyways Air Services IPO to Open on March 18: Price Band, GMP, and Key Details

The Indian capital markets are gearing up for one of the most anticipated IPOs in the financial sector and especially falls under the asset management sector in 2026, the IPO of SBI Mutual Fund, which is poised to transform the wealth management landscape in India and increase investor participation in passive income generation. According to the latest official commentary, the company plans to file a draft Red Herring Prospectus (DRHP) by March 2026, marking the official start of the IPO process. And the listing moment the shares are scheduled to be listed on Indian exchanges by September 2026, that is among the financial market milestones of the year. Backstory: Why the SBI Mutual Fund IPO Matters SBI Mutual is not just another big IPO candidate however it is the flagship asset management venture of State Bank of India (SBI), India’s largest bank by assets and branch network that has capacity to fund around 94,000 crore borrowers who need finances for personal and business requirements,&nbsp; Its scale and reach and expansion of branches have made it one of the most widely owned mutual fund houses in India, catering to retail investors, institutions, high-net-worth individuals and pension schemes alike.&nbsp; Interestingly, <a target="_blank" href="https://www.planify.in/research-report/sbi-mutual-fund-share-price/">SBI Mutual Fund IPO</a> is not just another IPO candidate SBI Mutual is the flagship asset management business&nbsp; that is considered to be State Bank of India (SBI) India's largest bank by assets and branch network. Its size and scope make it one of the most widely held mutual funds in India catering to both retail and institutional investors, high net worth individuals and retirement plans.&nbsp; Unlike most new IPOs , IPOs this listing will have strategic and financial implications for the wider domestic savings ecosystem. The move follows SBI’s corporate roadmap to expand capital markets participation among Indian households, while unlocking shareholder value built over decades of mutual fund growth and distribution penetration through SBI’s vast branch network. This IPO is set to occur against the backdrop of a broader 2026 primary market boom where Indian markets could witness record deal flow and capital mobilisation across sectors from telecom and financial services to technology and consumer businesses.&nbsp; SBI Mutual Fund is not a small player. It is the largest standalone asset manager in India, managing a significant portion of mutual fund assets across schemes ranging from equity to fixed income, hybrid portfolios, ELSS tax-savers and ETFs. As of late 2025, the asset management arm commanded assets under management in excess of ₹12 lakh crore, with a quarterly average AUM of nearly ₹12 lakh crore and a market share in the mid-teens percentage range for the overall industry.&nbsp; SBI Mutual Fund IPO: Financials <div class="se-component se-image-container __se__float-center" style="width: 50%; min-width: 100%"><figure style="width: 50%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/3e4e1f8f-e34b-49d8-b805-4e36b20cbed8.png" alt="" data-rotate="" data-proportion="true" data-size="50%," data-align="center" data-percentage="50," data-file-name="image.png" data-file-size="13055" data-origin="," style="width: 100%;"></figure></div> <div class="se-component se-image-container __se__float-center" style="width: 50%; min-width: 100%"><figure style="width: 50%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/041cf3bb-2af8-41d0-8e01-5f90ab6d0548.png" alt="" data-rotate="" data-proportion="true" data-size="50%," data-align="center" data-percentage="50," data-file-name="image.png" data-file-size="10512" origin-size="752,452" data-origin="," style="width: 100%;"></figure></div>​ What the Offer Looks Like:&nbsp; Stake Sale, Not Fresh Capital ​Unlike many corporate IPOs aimed at raising fresh capital for expansion, the SBI Mutual Fund IPO is likely to be a pure offer for sale (OFS) by its promoters&nbsp; State Bank of India and global partner Amundi. According to filings and industry reports:<ul><li style="font-size:16px;color:#222222;background-color:transparent">SBI will divest approximately 6.3% of its stake.</li><li style="font-size:16px;color:#222222;background-color:transparent">Amundi India will carve out roughly 3.7% of its holding.</li><li style="font-size:16px;color:#222222;background-color:transparent">In total, around 10% of the company’s equity is expected to be offered to the public via the IPO.&nbsp;</li></ul>The company currently manages the funds very efficiently and has significant assets under management (AUM) of nearly&nbsp; ₹12 crore and has a strong market share in the Indian mutual fund industry.&nbsp; This deep footprint across billions in retail accounts and systematic investment schemes highlights why IPOs attract sustained market attention.&nbsp; Conclusion&nbsp; The <a href="https://timesofindia.indiatimes.com/business/india-business/sbi-mf-to-file-docs-for-listing-of-rs-13-5k-crore-ipo-by-mid-march/articleshow/128531612.cms">IPO of SBI Mutual Mutual Fund</a> has emerged as one of the most watched public market events of 2026 for India’s asset management sector. DRHP is expected to open a new chapter in the wealth management sector in India with its announcement scheduled for March and expected to be rolled out by September. Investors will watch closely not just the valuation, but the broader narrative retail participation, anchor demand, market timing and how this IPO fits into the larger 2026 equity markets milieu.Ultimately, this listing is not just about unlocking value for SBI and Amundi; it is about allowing ordinary investors to own a slice of India’s financial intermediation growth story.

SBI Mutual Fund  plans to file a draft Red Herring Prospectus (DRHP) by March 2026, marking the official start of the IPO process.

SBI Mutual Fund IPO 2026: DRHP Filing in March, Listing by September

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Buying unlisted shares used to feel like entering a closed room where only insiders had access. That perception has changed fast. Today, retail investors are actively tracking unlisted companies, especially when a high-profile IPO is on the horizon. And when the company in question is the National Stock Exchange (NSE), the curiosity naturally turns into serious intent.With the NSE board finally approving its long-delayed IPO plans, Q3FY26 numbers on the table, and unlisted share prices jumping amid listing buzz, investors are asking one core question: How do I buy NSE unlisted shares safely and smartly? <h2>Understanding Unlisted Shares in India</h2>What Are Unlisted Shares?​<a target="_blank" href="https://www.planify.in/unlisted-shares/">Unlisted shares</a> are equity shares of companies that are not yet listed on stock exchanges like NSE or BSE. These shares are legally issued, held in demat form, and transferred through off-market transactions.Think of them as movie tickets bought before the trailer drops. The film exists, the actors are known, but the public release hasn’t happened yet. Why Do Companies Stay Unlisted?Companies delay listing for many reasons—regulatory disputes, restructuring, ownership clean-up, or strategic timing. NSE itself faced legal and governance hurdles in the past, which stalled its IPO despite being India’s largest exchange. <h2>What Makes NSE Unlisted Shares Special</h2>Monopoly Business ModelNSE isn’t just another financial company. It commands over 90% market share in equity derivatives trading in India. Its revenues are recurring, high-margin, and deeply embedded into India’s financial plumbing.Few businesses enjoy this kind of structural dominance. Strategic Role in Indian Capital MarketsEvery IPO, F&amp;O contract, ETF, and index derivative flows through NSE systems. Betting on NSE is indirectly betting on the growth of Indian capital markets themselves. <h2>NSE IPO: A Long Time Coming</h2>NSE Board Approves IPO PlansAfter years of speculation, the NSE board has approved its IPO proposal, reigniting interest in NSE unlisted shares. Regulatory approvals are still pending, but the intent is now official.Markets love clarity. Even partial clarity. Face Value of NSE IPO Shares at Rs 1The IPO will consist of equity shares with a face value of Rs 1 per share, aligning NSE with modern capital structures. Why This Face Value MattersA lower face value improves liquidity, enables better price discovery, and aligns NSE with peers like BSE. It also hints at a well-structured public issue rather than a rushed listing. <h2>NSE Q3FY26 Financial Performance Explained</h2>QoQ Growth SnapshotNSE reported quarter-on-quarter improvement in Q3FY26, driven by steady derivatives volumes and stable transaction income. Operating margins remain among the best in global exchange peers. 9M YoY Softness: What It SignalsWhile nine-month YoY numbers look slightly muted, this isn’t a red flag. FY25 had unusually high volatility-driven volumes. FY26 normalization was expected. Q4FY26 Outlook and IPO Boost ExpectationsQ4 historically tends to be stronger for NSE. Add IPO momentum and regulatory clarity, and earnings visibility improves significantly. <h2>NSE Unlisted Share Price Trend</h2>Recent Price Jump Explained​<a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">NSE unlisted share price</a> has jumped sharply in recent months. The reason is simple—IPO probability has moved from “someday” to “soon.”Markets price probability before reality. IPO Buzz and Valuation ExpectationsAt current unlisted levels, NSE is already valued in line with global exchange peers on P/E and EV/EBITDA basis. Investors are betting on listing re-rating rather than cheap valuation. Grey Market vs Platform PricesPrices may vary between informal dealer quotes and organized platforms. Platforms offer transparency, paperwork, and legal transfer—often worth the slight premium. <h2>Why Investors Are Accumulating NSE Shares Pre-IPO</h2>Listing Gains ThesisHistorically, high-quality monopoly businesses see price discovery post-listing. Investors expect NSE shares to unlock further value once liquidity and institutional participation increase. Institutional Interest &amp; ScarcitySupply is limited. Early investors, banks, and institutions hold most shares. As IPO nears, sellers dry up—pushing prices higher even before listing. <h2>How to Buy Unlisted NSE Shares in India</h2>Step-by-Step Buying ProcessBuying NSE unlisted shares isn’t complicated if you follow a structured route.<ol type="1"><li>Choose a trusted unlisted share platform</li><li>Complete KYC</li><li>Lock price and quantity</li><li>Transfer funds</li><li>Receive shares in demat via off-market transfer </li></ol>KYC &amp; DocumentationPAN, Aadhaar, demat account, and bank details are mandatory. This is a SEBI-compliant process, not an informal handshake deal.Share Transfer &amp; Demat CreditShares are credited to your demat account, usually within T+2 to T+5 days depending on the platform. Best Platforms to Buy NSE Unlisted SharesWhat to Look for in a Platform<ul type="disc"><li>Transparent pricing</li><li>Legal contracts</li><li>Demat settlement</li><li>Research-backed insights</li><li>Post-sale support </li></ul><h2>Why Platforms Like Planify Are Preferred</h2>Organized platforms simplify what used to be a fragmented broker-led market. You get pricing visibility, documentation, and risk disclosures all critical for serious investors. Risks Involved in Buying NSE Unlisted SharesLiquidity RiskYou can’t sell instantly like listed stocks. Liquidity improves as IPO nears but remains limited.Regulatory &amp; Timing RiskIPO timelines can slip. SEBI approvals matter. Patience isn’t optional here.Valuation RiskBuying at euphoric prices reduces listing upside. Entry price matters more than the story. <h2>Taxation on Unlisted NSE Shares</h2>Capital Gains Tax Explained<ul type="disc"><li>Held &lt; 24 months: Short-term capital gains taxed at slab</li><li>Held &gt; 24 months: Long-term capital gains taxed at 20% with indexation</li></ul>Tax Impact After IPO ListingPost-listing, holding period resets for listed taxation rules. This nuance matters for planning exits. <h2>What Happens to Unlisted Shares After NSE IPO</h2>Lock-in RulesNon-promoter shareholders typically face no lock-in. However, specific <a target="_blank" href="https://www.planify.in/buy-pre-ipo/">pre-IPO</a> agreements may apply.Conversion to Listed EquityYour unlisted shares automatically become listed NSE shares post IPO and listing.Should Retail Investors Buy NSE Unlisted Shares NowWho This Investment Is Suitable For<ul type="disc"><li>Long-term investors</li><li>High-conviction capital market bulls</li><li>Investors comfortable with illiquidity</li></ul>Portfolio Allocation StrategyThink satellite allocation, not core. NSE is strong, but concentration risk is real. <h2>Future Outlook for NSE</h2>Growth Drivers Post IPO<ul type="disc"><li>New products</li><li>Data monetization</li><li>Index licensing</li><li>Retail participation growth</li></ul><h3>Competition, Regulation &amp; Margins</h3>BSE competition is real, but NSE’s moat remains deep. Regulation is a risk, not a threat.Common Myths Around NSE Unlisted Shares“It’s Too Late to Buy”Late is relative. Overpaying is the real risk—not timing.“Unlisted Means Unsafe”Unlisted doesn’t mean illegal or shady. Process matters more than perception. <h3>Conclusion</h3>​<a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">NSE unlisted shares</a> sit at the intersection of scarcity, quality, and anticipation. The IPO approval, improving earnings visibility, and India’s capital market growth story make NSE a unique <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO opportunity</a>. But like all good things, discipline matters more than excitement.​​

NSE Unlisted Share Price, IPO Update & How to Buy Before Listing

In 2026, the Indian financial scenario is buzzing with a historic "IPO Supercycle." With an IPO market that will see in excess of ₹2.5 lakh crore raised this year alone, the <a href="https://www.planify.in/unlisted-shares/">unlisted shares market</a>&nbsp;has come out of the shadows of the "insider-only" club to become a mainstream battleground for investors of all sizes and varieties. With the widening of the primary market's pipeline, three stocks have captured the market's imagination: Oravel Stays (Oyo), <a href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange (NSE)</a>, and ESDS Software Solution Ltd. These stocks represent the three pillars of the current unlisted stock market. The Macro Backdrop: Why 2026 is Different The unlisted market in 2026 is fueled by a "perfect storm" of regulatory clarity and domestic liquidity. The SEBI Chairperson’s recent signal of a likely No-Objection Certificate (NOC) for the National Stock Exchange (NSE) IPO by late January has rerated the entire unlisted ecosystem. Investors are no longer just buying "shares"; they are buying "entry tickets" to the mainboard, hoping to capture the valuation gap before the official bell rings. Oravel Stays (Oyo): The "Prism" of Profitability​<a target="_blank" href="https://www.planify.in/research-report/oyo-oravle-stays-ltd/">Oyo’s</a> ride in the unlisted space has been a rollercoaster. But for Oyo, the hospitality giant, the year 2026 is one of definite "coming of age." After losing the old parent brand suffix and now rebranded PRISM Life, Oyo has finally managed to get over its reputation as a loss-burning startup. <ul><li style="font-size:16px;color:#000000;background-color:transparent">Financial Turnaround: For the very first time, the company has managed to showcase profitable growth. In Q1 FY26, the company recorded a Profit After Tax of ₹200 crore. There has been a 47% growth in the Revenue space, which has reached a high of ₹2,019 crore. Gross Booking Value has jumped by a phenomenal 144% as the company has touched a high of ₹7277 crore. </li><li style="font-size:16px;color:#000000;background-color:transparent">The IPO Countdown: The shareholder nod on a ₹6,650-cr IPO and 1:1 bonus shares is on record. The grey trading of the shares is currently pegged firmly around Rs 25-Rs 27. The H2 2026 listing is targeting a valuation of 7-8 dollars per share. </li><li style="font-size:16px;color:#000000;background-color:transparent">Strategic Pivot: Oyo is pivoting to a "Company Serviced" model, where 51% bookings are generated. This pivot towards Premiumization and Lifestyle Services under the PRISM umbrella is something that unlisted investors are currently investing in. </li></ul>NSE: India’s Market Infrastructure Giant Finally Heading Public The <a href="https://www.businesstoday.in/markets/stocks/story/nse-ipo-unlisted-shares-hold-firm-despite-stt-hike-in-budget-as-issue-timeline-clears-514237-2026-02-02">National Stock Exchange (NSE) IPO</a> represents the most anticipated IPO in India’s financial markets. <ul><li style="font-size: 16px;color: rgb(0, 0, 0)">IPO progress: NSE is reportedly planning to file its draft IPO prospectus by March 2026 after regulatory signals that SEBI will grant a No-Objection Certificate.</li><li style="font-size: 16px;color: rgb(0, 0, 0)">Unlisted share surge: NSE unlisted shares have jumped above ₹2,000+ amid IPO anticipation as regulatory clarity improves.</li><li style="font-size: 16px;color: rgb(0, 0, 0)">Market significance: NSE is India’s largest exchange by volume, and one of the world’s most active derivatives platforms, making this one of the highest-profile IPOs ever.</li></ul> Why it matters: Unlike most startups, NSE isn’t about a pivot story, it’s about owning a critical financial infrastructure asset. <a target="_blank" href="https://www.planify.in/pre-ipo/">Pre-IPO investors</a> get early exposure to India’s capital markets epicentre. ESDS Software Solutions: India’s Cloud Powerhouse IPO While infrastructure and hospitality grab headlines, <a target="_blank" href="https://www.planify.in/research-report/esds-software-solutions-limited/">ESDS Software Solutions</a> is quietly defining India’s cloud &amp; sovereign tech stack, and gearing up for its own public entry. <ul><li style="font-size: 16px;color: rgb(0, 0, 0)">SEBI approval: ESDS has reportedly received regulatory nod to proceed with a ₹600 crore IPO, signalling confidence in its business model.</li><li style="font-size: 16px;color: rgb(0, 0, 0)">Market positioning: Provides cloud services, data centres, and managed infrastructure to BFSI, government and enterprise customers, sectors where uptime and compliance drive sticky revenues.</li><li style="font-size: 16px;color: rgb(0, 0, 0)">Unlisted pricing: ESDS unlisted shares are trading around ₹500–₹550 levels, indicating solid market confidence ahead of listing.</li><li style="font-size: 16px;color: rgb(0, 0, 0)">Global footprint: Active in 19 countries, helping reduce customer reliance on public cloud giants.</li></ul> Why it matters: ESDS represents a digital sovereignty play, cloud infrastructure before AI infrastructure becomes mandatory. Growing data-localisation norms give it a strong edge.​<div style="margin-left:0pt"><table><tbody><tr><td>Company</td><td>Key Sector</td><td>2026 Outlook</td><td>Current Unlisted Price (Volatile ofcourse)</td></tr><tr><td>OYO (Oravel stays)</td><td>Tech-hospitality</td><td>Profitable, H2 IPO</td><td>~₹26.76</td></tr><tr><td>NSE</td><td>Stock Exchange</td><td>IPO Visibility, Market anchor</td><td>~₹2,050</td></tr><tr><td>ESDS Software Solutions</td><td>Cloud and Data Centres</td><td>IPO ready, Digital Infrastructure</td><td>₹545-550</td></tr></tbody></table></div> Navigating the Unlisted Market in 2026 While the "chocolate" of high returns is tempting, the unlisted market carries unique "canes" that layman investors need to be aware of: The 6-Month Lock-in: Upon listing, the <a target="_blank" href="https://www.planify.in/buy-pre-ipo/">pre-IPO shareholders</a> cannot sell their shares for 6 months for most categories.&nbsp; Nuances of Taxation: The gains are taxed as capital gains, but the rules vary from those of listed stocks. The long-term status is after 24 months, and the indexation benefits have largely been removed in recent tax reforms. Liquidity Risk: You cannot sell unlisted shares in real-time as you would with a Nifty 50 stock. You have to find buyers through platforms or dealers, and this will not be quick if markets fall. Conclusion: The New Frontier The era of the unlisted market in 2026 is an epitome of the New India economy that is profitable and tech-savvy, with high infrastructure investments. Is it the turnaround story of <a target="_blank" href="https://www.planify.in/research-report/oyo-oravle-stays-ltd/">OYO</a>, the grandiose turnaround of MSEI, or the tech-wizardryof Polymatech? The possibilities are enormous! However, the golden rule remains the same: Invest in the business, not the buzz. With the IPO pipeline looking to take away the excess money floating in the secondary market, only strong companies would make it through the test on the actual "listing day."​

In 2026, the Indian financial scenario is buzzing with a historic "IPO Supercycle." With an IPO market that will see in excess of ₹2.5 lakh crore raised this year alone, the unlisted shares market has come out of the shadows of the "insider-only" club to become a mainstream battleground for investors of all sizes and varieties.

Unlisted Shares Back in Focus as IPO Pipeline Gains Momentum in 2026

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