Summary

Looking at the IPO Frenzy in India, Unlisted Shares are gaining popularity among investors looking to diversify their portfolios with High Growth Potential companies. These are Pre IPO companies that are yet to be listed on the exchange which makes them an attractive opportunity for Retail Investors as it gives them a possibility to make exponential returns. In this blog, we will discuss the Top 10 company\'s Unlisted Shares in the Indian Market.

1. Vikram Solar
   Vikram Solar is India's leading Solar Photovoltaic module manufacturer geared up for IPO with the DRHP filled on Sept 30th, 2024. The company is looking to raise 1500 Cr through a fresh issue and 1.74 Cr shares in an Offer for Sale.
   
   The company has presented Stellar Financials results for FY 2024, with a Profit After Tax of 79.7 Cr and a 15% improvement in EBITDA Margin.
   Vikram Solar with its robust presence and operational efficiency, they are able to boost Clean Energy Adoption in the country. The government has also been fueling its growth in the sector which makes it a profitable investment bet for investors.
   
   
2. Polymatech
   Polymatech is a leading player in the growing Indian Semiconductor and Electronics Industry. They specialize in manufacture of LED Lighting Solutions and various components for Electronic Devices.
   
   The market is still awaiting Polymatech's Financial to come in, However, FY 23 results skyrocketes to the Revenue of 650 Cr approx with a Net Profit of 167 Cr. With these results company already filed for its DHRP which solidifies the company's vision for going public in the market.
   
   As one of the Key companies in the Indian Semiconductor Market, the company has proved its hold on the Business while also emerging as a catalyst for the Indian Semiconductor Industry. Polymatech stands out for its innovative products and high demand from global and domestic markets.
   
   
3. National Stock Exchange
   National Stock Exchange established in 1992, is India's Largest Stock Exchange and a Global leader in Market Capitalization. In 2024, NSE witnessed exponential growth in Trading Volumes and higher market participation by Investors, specifically in Equities and Derivatives.
   
   For FY'24 NSE presented Stellar Financials which when compared to their past performance indicates that Innovation clubbed to serve the country and generate wealth for their citizens can do wonders. Profit after tax of NSE has increased from Rs.3573.4 Cr in 2021 to Rs. 8305.74 Cr in 2024 having an impressive CAGR growth of 23.48% over the past 4 years.
   
   NSE's Shares are Highly Valued due to their Market Dominance and role in India's Financial infrastructure, with an upcoming IPO to give better returns to Investors.
   
   
4. Swiggy
   Swiggy saw strong growth across its food delivery and quick commerce segments, expanding its user base and delivery network. The company improved profitability through cost optimization, better margins, and increased ad revenue. New services like Dineout and Swiggy Mall boosted customer engagement. Swiggy is well-positioned for future growth, supported by innovation and upcoming IPO plans.
   
   The company is set to launch its IPO this year in 2024 which includes a Fresh Issue of 3,750 Cr Shares and an OFS of 6,664 Cr. Their Net Losses were slashed by 44% with an exponential growth in their Unlisted Stock Price. In Just 60 days Swiggy's shares have gone up to Rs. 490 from Rs. 340. Amid the recent IPO Frenzy in India Swiggy has been on top of every investor's list. These numbers tempted a few initial investors to sell off their Swiggy CCPS stakes in the Market, which made Swiggy an attractive investment opportunity.
   
   
5. OYO
   OYO has seen a major turnaround in its Journey, reaching profitability for the first time. The company has significantly improved its operational efficiency, reducing costs while adding to its hotel inventory and introducing premium offerings. It also strengthened its global footprint, particularly in key markets like Europe, the US, and Southeast Asia. With these strategic moves, OYO is well-positioned for future growth and sustained success.
   OYO has shown resilient financial growth, from a loss of Rs. 1000 Cr in FY 23 they have reduced their losses to 100 Cr in FY'24. Totally they have logged in 9 Months of profitability in FY23 & 24.
   
   Oyo has been a key driver in the recovery of India's Hospitality Industry. Along with its focus on Innovation and technological advancement, OYO is a perfect bet for a retail investor to book their allotment early in the pre-IPO market.
   
   
6. Waaree Energies
   Waaree Energies operates in India's Solar Energy solar energy industry, manufacturing solar panels and providing EPC services. The company has recently expanded it's its Manufacturing Capacity to 12 GW. With strong exports contributing 57% to their revenue, Waaree Energies is looking to leave its footprint in the Global Market.
   
   Waaree Energies demonstrated a robust financial and operational performance in FY24, reflecting its growing leadership in the solar energy sector and solidifying its role in India’s renewable energy landscape. It has posted impressive growth in FY24, with revenue rising 72% to ₹11,632.76 crore and PAT surging 155% to ₹1,274.38 crore. Strong operational efficiency and capacity expansion fueled these gains, delivering a solid 40% ROE.
   The company is positioned to benefit from the growing demand for solar power in India and globally, making its unlisted shares a solid investment in the green energy sector.
   
   
7. HDFC Securities
   HDFC Securities is the leading Brokerage and Financial Services company in India. As a subsidiary of HDFC Bank, they have Pedigree and Trust in the Market. With various Corporate Actions in the interest, investors show they are standing tall in the market to generate wealth for their investors.
   
   The company presented Stellar Financials in FY24, Net Sales reached a whooping 2660.1 Cr with a PAT Margin of 950.9 Cr. HDFC Securities has shown an excellent track record in terms of number with robust operational efficiency have given good returns to the investors. Their Share Price in the Unlisted went to an all-time low of 9000 and has recovered in the last 2 years to a Rs. 12,500 all-time high.
   
   As a subsidiary of HDFC Bank, HDFC Securities enjoys a strong brand and a loyal customer base, making its unlisted shares highly sought after.
   
   
8. Tata Capital
   Tata Capital Ltd is a prominent financial services company headquartered in Mumbai, India. As a subsidiary of the esteemed Tata Group, Tata Capital operates in various segments of the financial sector, providing comprehensive solutions to meet diverse customer needs. The company offers a wide range of services, including consumer finance, commercial finance, wealth management, asset management, and investment banking. With a customer-centric approach, Tata Capital focuses on delivering innovative and tailored financial solutions, backed by a strong understanding of the Indian market. It caters to individuals, small and medium-sized enterprises (SMEs), and corporate clients, helping them achieve their financial goals and aspirations.
   
   Tata Capital has seen a major turnaround this year, for FY24 they have given a revenue of 18,174.8 Cr with a PAT of 3,327 Cr. This creates a positive sentiment for the investors existing investors have already profited from the 108% rise in its share price. As per the mandate given by RBI for Tata Capital to launch its IPO in the market. This has given to boost to the company's share sales.
   
   Tata Capital is a strong player in the Indian financial services market, and its unlisted shares offer investors an opportunity to invest in a reliable, well-established company.
   
   
9. HDB Financial Services
   Incorporated in 2007, HDB Financial Services Limited is a non-banking financial company that offers products and services such as consumer loans, digital products, auto refinance services, BPO services, life, and general insurance products, loans for new and used commercial vehicles, lending services, collection services and more. The company is a subsidiary company of HDFC Bank, HDFC owns 95.11% of shares in HDB Financial Services. It has 1500 branches spread across 24 states and runs 18 collection call centers with a capacity of approx 5,500 seats. It offers collection services for the retail lending products of HDFC Bank and even offers sales support, back office, operations, and processing support to HDFC Bank. HDB Financial Services Limited is accredited with CARE-AAA & CRISIL-AAA ratings for their long-term debt and bank facilities. They also have an A1+ rating for their short-term debt & commercial papers.
   
   HDB Financial Services has started its preparation for an IPO in 2025, this step is in line with RBI's new mandate, and investors long awaiting the expectation of its IPO. In the Unlisted Shares Market, their price has seen a rise of 112%, and with their recent development of appointing BIg Investment Banks like JP Morgan for planned IPO.
   
   HDB Financial Services is considered a pre-IPO gem, backed by HDFC Bank's strong financial backing.
   
   
10. Orbis Financial Services
    Orbis Financial Corporation, founded in 2005 and headquartered in Gurugram, is a SEBI-registered Custodian of Securities and clearing member. It offers a range of financial services including Custody & Fund Accounting, clearing for commodities and equity derivatives, FX execution, and trusteeship. Serving institutional clients like FPIs, PMS, and AIFs, Orbis also provides registrar and share transfer services.
    
    They reached INR 1,30,000 Crore (1.3 trillion rupees) in Assets Under Custody and over INR 140 Crore (1.4 billion rupees) in Profit After Tax, indicating substantial growth and profitability. Additionally, their credit ratings improved, with the long-term rating upgrading to A from A- and the short-term rating to A1 from A2+. These upgrades reflect enhanced financial stability and improved ability to meet both long-term and short-term financial obligations.
    
    Orbis Financials is positioned to grow alongside India’s expanding financial sector, offering significant potential for investors holding its unlisted shares.