# Beyond listed stocks: MSEI rallies 125%, Zepto retreats 48%; here’s how other pre-IPO names fared — retained record

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source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-09-27 10:28 ingested 2026-09-28 02:55

[original source ↗](https://economictimes.indiatimes.com/markets/ipos/fpos/beyond-listed-stocks-msei-rallies-125-zepto-retreats-48-heres-how-other-pre-ipo-names-fared/articleshow/134518428.cms)

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Among the companies covered in the data, MSEI recorded the biggest percentage gain, followed by Goodluck Defence & Aerospace, PPFAS, API Holdings and Prisma Global AI. Zepto recorded the steepest decline, followed by NCDEX, OYO, GFCL EV Products and Garuda Aerospace.
MSEI leads gains
MSEI's indicative price has risen from Rs 3.25 on January 1 to Rs 7.30 currently, translating into a gain of around 124.6%.
The stock's indicative price has increased by Rs 4.05 since the beginning of the year.
Goodluck Defence & Aerospace was the second-largest gainer in the data, with its indicative price rising from Rs 350 on January 1 to Rs 425 currently, an increase of around 21.4%.
PPFAS has risen from Rs 16,400 to Rs 19,400, marking an increase of approximately 18.3%.
API Holdings, the parent company of PharmEasy, has gained around 15.7%, with its indicative price moving from Rs 6.05 on January 1 to Rs 7 currently. The indicative price had fallen to Rs 4.95 around August 12 before recovering to its current level.
Prisma Global AI has risen from Rs 7,500 at the beginning of the year to Rs 8,500 currently, a gain of approximately 13.3%.
According to Manan Doshi, co-founder of Unlisted Arena, defence, AI and exchanges have emerged as some of the key themes attracting investor interest in the unlisted market in 2026.
“We are seeing increased investor interest across companies operating in these sectors, reflecting expectations around structural growth and the potential for future value creation. At the same time, the contrasting performance of other unlisted names shows that this is not a broad-based rally—investors are becoming increasingly selective, with growth prospects, valuations and the potential for a future listing playing an important role in pricing,” Doshi said.
Zepto sees sharpest decline
Zepto recorded the biggest decline among the companies covered in the data. Its indicative price fell from Rs 58 on January 12 to Rs 30 currently, marking a decline of around 48.3%.
NCDEX's indicative price declined from Rs 455 on January 1 to Rs 380 currently, a fall of approximately 16.5%. The indicative price touched Rs 355 around June 24 before recovering to its current level.
OYO declined from Rs 26.85 on January 1 to Rs 23.50 currently, representing a fall of around 12.5%.
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Garuda Aerospace, for which the comparison begins on April 14, declined from Rs 465 to Rs 439 currently, a fall of approximately 5.6%.
The comparisons are based on different starting dates. Most companies are measured from January 1, while Zepto's comparison begins on January 12 and Garuda Aerospace's on April 14.
That said, the National Stock Exchange (NSE), which made its Dalal Street debut on Thursday, September 24, following the completion of its Rs 22,561.57 crore public offering, also was among the most-traded stocks in the unlisted market in 2026, according to Unlisted Arena data.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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