Overview: MSEI Unlisted Share Price
Recently, I have been closely monitoring the price of MSEI’s unlisted shares. I’m interested in how the stock is doing because the Metropolitan Stock Exchange of India (MSEI) has been in the headlines lately due to a significant capital raise and rumors of an IPO.
MSEI, a stock exchange that isn’t publicly listed, intrigues me as an investor who follows unlisted shares. Its share price jumped following the announcement of ₹238 crore in funding from Groww’s parent company and Zerodha’s founders.
I was curious if this increase would continue. For comparison, as of late April 2025, unlisted shares on the NSE (India’s biggest exchange) were trading for about ₹1650, down from a 52-week high of ₹8160.
This demonstrates the volatility of unlisted share prices, even on large exchanges. In this blog, I’ll discuss why I follow MSEI, the current price of its unlisted shares, its performance over the last year, and my opinion on whether it’s a wise investment.
Are you considering investing in MSEI unlisted shares?
Why I’m Tracking MSEI Unlisted Shares
I became interested in MSEI for a few reasons. The first major storyline was the recent ₹238 crore capital investment from leading fintech investors, including Rainmatter from Zerodha and Billion brains, Groww’s parent company. I took it as an indication that they must see promise when well-known people supported the exchange.
Second, there is speculation that MSEI may go public at some point, so everyone wonders, “What is the MSEI IPO expected date?” or “What is the latest news on MSEI IPO?” even though management formally states that they would only go public if they are profitable.
That is the only IPO planning advice we currently have. Third, although MSEI’s volume is small in comparison to that of NSE and BSE, it is introducing new products (such as more currency derivatives and a projected SX40 index) and could profit from new SEBI regulations (one weekly F&O expiry).
My Research: Is MSEI Unlisted Share a Good Bet in 2025?
MSEI: Bull vs Bear Case
✅ The Bull Case
Fresh capital infusion
- 📈 Growth Drivers:
- • Tech upgrades & new products (SX40 F&O index)
- • SEBI's single weekly F&O expiry rule advantage
- • Backed by Groww, Zerodha, Rakesh Jhunjhunwala's wife & Damani
- • Lower transaction costs vs NSE/BSE
⛔ The Bear Case
FY2024 Turnover (↓ from ₹9.21 Cr)
- 📉 Red Flags:
- • FY2024 Net Loss: ₹49 Cr (EPS -₹0.1)
- • Equity segment: Near-zero trades
- • Minuscule market share vs NSE/BSE
- • Pending litigation: ₹856 Cr dispute with NSE
In brief, my research showed a complex scenario. The story of development, marked by significant investors and new proposals, is interesting; however, doubts exist due to disappointing current statistics.
A number of experts sound a warning: Planify even sharply warned experienced observers against “price discovery” traps in this tight market. I wouldn’t go after it willy-nilly. However, I do recognize the regulatory reforms and technology push leave me hopeful MSEI might find a niche for itself.
I'll be watching: if volumes increase and losses decrease, that might make it more attractive. Now it's a high-risk, high-reward opportunity instead of a given. (That's why you hear blogs declaring "Metropolitan Stock Exchange share price target 2025" figures a big deal – I've heard whispers of ₹25–30 by December – but I don't place much credibility on those.
Price History of MSEI Unlisted Shares (Past 12 Months)
Financials
| Particulars (Consolidated) | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Revenue from operations | 1,029 | 1,063 | 1,006 | 922 | 736 |
| Other income | 2,672 | 2,182 | 1,500 | 4,544 | 1,369 |
| Total income | 3,701 | 3,245 | 2,506 | 5,466 | 2,105 |
| Total expenses | 6,722 | 6,312 | 5,632 | 6,938 | 6,864 |
| Loss before tax | (4,501) | (3,067) | (3,126) | (1,993) | (4,759) |
| Net Loss (after tax) | (4,577) | (3,108) | (3,167) | (1,866) | (4,874) |
| EPS (Basic, ₹) | (0.10) | 0.00 | (0.06) | (0.04) | (0.10) |
| Balance Sheet (Consolidated) | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Total assets | 51,820 | 49,157 | 45,097 | 29,946 | 24,919 |
| Total equity | 32,245 | 29,175 | 26,068 | 24,155 | 19,279 |
| Total liabilities | 19,575 | 19,982 | 19,029 | 5,791 | 5,640 |
| Ratio | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Return on Equity (ROE) | –14.2% | –10.7% | –12.1% | –7.7% | –25.3% |
| Return on Assets (ROA) | –8.8% | –6.3% | –7.0% | –6.2% | –19.6% |
| Price/Book (P/B) | – | – | – | – | 13.5* |
| Debt/Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Price/Earnings (P/E) | N/A | N/A | N/A | N/A | N/A |
• All ratios derived from consolidated financials
• Negative ratios shown in red
• P/E not applicable due to persistent negative earnings
| Metric | MSEI | NSE (India) | BSE Ltd. |
|---|---|---|---|
| Market Cap | 2,934.2 | N/A (non-listed) | ~837.51 |
| Total Income (FY2024) | 21.05 | 16,433.6 | 161.8 |
| Net Profit (FY2024) | (48.7) | 8,305.7 | 771.8 |
| ROE (FY2024) | –25.3% | (not available) | (not calculated) |
| P/B Ratio | 13.5 | (N/A) | ≈0.82 |
| P/E Ratio | N/A (loss) | N/A (no stock) | ≈1093 |
• MSEI market cap based on unlisted share price of ₹6.10
• NSE financials from latest available disclosures
Should You Buy MSEI Unlisted Shares Now? My Honest Opinion
This is a big question. I’m going to be honest: I’m wary. MSEI could do better than expected if things go right (better technology, winning the lawsuit, increased traders).
But today it is still a small exchange that is losing money. Right now, at around ₹6–7, you are hoping for future improvement. Personally, I am not ready to invest everything. I would wait a little longer to see if quarterly reports show progress or if membership or volumes increase.
If MSEI gave some indication of the profitability timeline or resolved its legal matter, then my opinion would be otherwise. However, a small speculative exposure would be warranted if you are comfortable with taking risk. MSEI turnaround believers may buy now (hoping for high returns if it happens). Others would wait for an IPO or improved finances.
Personally, I would not put more than a small percentage of my investments in MSEI at the moment. It is too risky. I prefer to invest in companies that I know, but I will monitor any changes that may affect it.
🛡️ How to Buy MSEI Shares Safely
1️⃣ Approved Platforms (Official Links)
- • UnlistedZone - Major unlisted shares platform
- • Gotrade - SEBI-compliant transactions
- • IIFL Unlisted - Broker-assisted deals
🔍 Always verify platform SEBI registration before trading
2️⃣ Transaction Must-Dos
📌 Demat Transfer Only: Both parties must have demat accounts
🔒 Use DVP Mode: Pay ONLY after shares hit your demat
📝 Check ISIN: INE312K01010
3️⃣ Money Matters
(₹60,000+ at ₹6/share)
4️⃣ Legal Checks
- • 📑 Verify shares via NSDL/CDSL statements
- • 💼 Consult tax advisor on capital gains
- • 🕵️♂️ Google "SEBI approved unlisted brokers" for latest list
Prices as of April 2025 | Transaction details may change
Final Thoughts: What I’m Watching Next
I will be monitoring trading volumes and revenues in the upcoming months. Any indication that the turnover of derivatives or stocks is increasing would be significant.
Additionally, quarterly results could shift the game if income increases or losses decrease. Since those could draw traders, I’ll keep an eye out for developments on the debut of the SX40 index and other new contracts.
Another wild card is the alleged lawsuit against NSE; if MSEI prevails, it could result in a financial bonanza. Naturally, any information regarding an IPO schedule or ongoing fundraising may cause the stock to fluctuate.
In the end, I would consider MSEI a watchlist contender. I maintain my conservatism while being cautiously optimistic.
Frequently Asked Questions (FAQs)
Q.1: Are MSEI unlisted shares legal and regulated?
Q.2: Where can I find the latest MSEI unlisted share price?
Q.3: How can I buy or sell MSEI unlisted shares?
via authorized channels. To purchase, visit a broker who deals with unlisted stocks, put in an order, and make sure the transfer is off market demat. List your shares on a platform or use your broker to locate a buyer in order to sell.
Delivery-vs-Payment is used for settlement. Always use demat to make transfers; never pay with cash outside of the authorized procedure.
Q.4:What is the smallest lot size required to make an MSEI investment?
Q.5: Is the MSEI IPO coming soon? What’s the expected date or price?
As of right moment, MSEI’s IPO has no set date or pricing. The management made it plain at its January 2025 meeting that they will only go public if the business turns a profit.
Rumors of a potential initial public offering (IPO) in mid-2025 with values ranging from ₹125 to ₹228 have been circulating, but none of them have been verified. What do I think? Keep an eye out for MSEI’s official updates rather than relying on conjecture.