MSEI Rallies 125%, While Zepto Falls 48%: How Other Pre-IPO Shares Fared in 2026
The unlisted-share market has seen sharp price movements in 2026. MSEI has emerged as one of the strongest movers in the Economic Times comparison, while Zepto has moved sharply lower.
The unlisted-share market has been anything but quiet in 2026. Several pre-IPO and unlisted companies have seen their indicative prices move sharply during the year, with some names gaining strongly while others have moved in the opposite direction.
According to an Economic Times report published on September 27, 2026, data from Unlisted Arena showed significant differences in the performance of several well-known unlisted companies.
Among the names highlighted in the report, Metropolitan Stock Exchange of India (MSEI) stood out with a gain of around 124.6%, while Zepto saw its indicative price decline by around 48.3% during the comparison period.
MSEI Emerges as One of the Biggest Movers
MSEI was one of the strongest performers highlighted in the Economic Times report. The report said its indicative price moved from around ₹3.25 at the beginning of the comparison to around ₹7.30, representing a rise of approximately 124.6%.
The report identified exchange businesses among the themes attracting attention in the unlisted market during 2026.
What the 2026 Data Showed
The percentage movements below are the historical figures reported by Economic Times from Unlisted Arena data. They describe the performance during the comparison period and should not be confused with today's indicative prices on PreStocks.
| Company | 2026 Reported Movement | Direction |
|---|---|---|
| MSEI | +124.6% | Gained |
| Goodluck Defence & Aerospace | +21.4% | Gained |
| PPFAS | +18.3% | Gained |
| API Holdings / PharmEasy | +15.7% | Gained |
| Prisma Global AI | +13.3% | Gained |
| NCDEX | -16.5% | Declined |
| OYO | -12.5% | Declined |
| GFCL EV Products | -10.0% | Declined |
| Garuda Aerospace | -5.6% | Declined |
Zepto Moves in the Opposite Direction
The picture was very different for Zepto. According to the Economic Times report, Zepto's indicative price was around ₹58 on January 12, 2026.
At the time of the comparison, the indicative price was around ₹30, representing a decline of approximately 48.3%.
The contrasting movement between MSEI and Zepto highlights how differently individual companies can perform within the unlisted market.
Why Are Unlisted Shares Moving So Differently?
Unlike listed stocks that trade continuously on recognised exchanges, unlisted shares operate in a different market environment.
Indicative prices can be influenced by company developments, buyer and seller interest, available inventory, valuation expectations, financial performance and potential future listing plans.
This means that even well-known companies can experience very different price movements during the same period.
The unlisted market is not moving as one single group. The Economic Times report noted interest around themes including defence, artificial intelligence and exchange businesses, while several other well-known companies recorded declines.
Current Indicative Prices on PreStocks
While the percentage movements above refer to the historical period covered by the Economic Times report, the prices below are the latest indicative prices currently displayed on PreStocks.
| Company | Current Price | Day High | Day Low |
|---|---|---|---|
| MSEI | ₹9.01 | ₹9.20 | ₹9.01 |
| Zepto | ₹38.63 | ₹39.91 | ₹38.63 |
| API Holdings / PharmEasy | ₹9.34 | ₹9.34 | ₹8.95 |
| Goodluck Defence | ₹543.33 | ₹547.19 | ₹543.33 |
| PPFAS | ₹25,492.50 | ₹25,571.57 | ₹25,385.33 |
| NCDEX | ₹489.25 | ₹489.25 | ₹487.96 |
| OYO | ₹29.61 | ₹30.39 | ₹29.61 |
| GFCL EV | ₹51.50 | ₹54.07 | ₹51.50 |
| Garuda Aerospace | ₹560.06 | ₹560.06 | ₹553.63 |
A Quick Look at Current Prices
What About Prisma Global AI?
Prisma Global AI was included among the gainers in the Economic Times report, with a reported movement of approximately +13.3% during the comparison period.
However, Prisma Global AI is not currently shown in the PreStocks pricing list used for this article. Therefore, no current PreStocks price has been assigned to it here.
NSE's IPO Adds Another Layer to the Story
The activity in the unlisted market also comes at an important time for India's capital markets, with the National Stock Exchange (NSE) completing its public issue.
NSE's IPO raised approximately ₹22,561.57 crore, and its shares began trading on September 24, 2026.
On the PreStocks pricing page, NSE is now marked as listed and trading on a public exchange. It has therefore not been included in the current unlisted-price table above.
What Does This Mean for the Unlisted Market?
The 2026 data shows that the unlisted market can be highly selective. One company may see a sharp increase in its indicative price while another well-known pre-IPO company may decline during the same period.
For people tracking this segment, understanding the individual company, its business model, valuation, financial performance, available liquidity and possible future listing plans remains important.
It is also important to distinguish between indicative unlisted prices and prices on a listed stock exchange. They are not the same type of market quote.
The current PreStocks prices shown in this article are indicative prices. They can change as market activity and available transactions change. The historical percentage movements are based on the separate data reported by Economic Times and should not be treated as today's return from the current PreStocks price.
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