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

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.

With the widening of the primary market's pipeline, three stocks have captured the market's imagination: Oravel Stays (Oyo), National Stock Exchange (NSE), 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

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Oyo’s 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.

• 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.

  
  

• 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.

  
  

• 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.
  
  

NSE: India’s Market Infrastructure Giant Finally Heading Public

The National Stock Exchange (NSE) IPO represents the most anticipated IPO in India’s financial markets.

• 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.

• Unlisted share surge: NSE unlisted shares have jumped above ₹2,000+ amid IPO anticipation as regulatory clarity improves.

• 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.

Why it matters: Unlike most startups, NSE isn’t about a pivot story, it’s about owning a critical financial infrastructure asset. Pre-IPO investors get early exposure to India’s capital markets epicentre.

ESDS Software Solutions: India’s Cloud Powerhouse IPO

While infrastructure and hospitality grab headlines, ESDS Software Solutions is quietly defining India’s cloud & sovereign tech stack, and gearing up for its own public entry.

• SEBI approval: ESDS has reportedly received regulatory nod to proceed with a ₹600 crore IPO, signalling confidence in its business model.

• Market positioning: Provides cloud services, data centres, and managed infrastructure to BFSI, government and enterprise customers, sectors where uptime and compliance drive sticky revenues.

• Unlisted pricing: ESDS unlisted shares are trading around ₹500–₹550 levels, indicating solid market confidence ahead of listing.

• Global footprint: Active in 19 countries, helping reduce customer reliance on public cloud giants.

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.

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Company	Key Sector	2026 Outlook	Current Unlisted Price (Volatile ofcourse)
OYO (Oravel stays)	Tech-hospitality	Profitable, H2 IPO	~₹26.76
NSE	Stock Exchange	IPO Visibility, Market anchor	~₹2,050
ESDS Software Solutions	Cloud and Data Centres	IPO ready, Digital Infrastructure	₹545-550

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 pre-IPO shareholders cannot sell their shares for 6 months for most categories. 

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 OYO, 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."

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