Beyond listed stocks: MSEI rallies 125%, Zepto retreats 48%; here’s how other pre-IPO names fared
Indian markets moved lower in an ipo & listings development.
27 Sept 2026 · Economic Times Markets
The unlisted-share market has seen wide price swings in 2026, with MSEI more than doubling its indicative value, while Zepto has nearly halved. According to Unlisted Arena data, Goodluck Defence & Aerospace, PPFAS, API Holdings and Prisma Global AI were among the other notable gainers, while NCDEX, OYO, GFCL EV Products and Garuda Aerospace also declined.
The analysis
Listing activity is a read on risk appetite — a hot primary market usually means a confident secondary one.
Because the driver here is macro rather than company-specific, the read-through is to index-level positioning rather than to any single name — correlations tend to rise when the whole market faces the same signal.
Market context
- This is a market-wide development — its reach goes beyond any single stock.
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