MSEI Unlisted Share Price Description – The Metropolitan Stock Exchange of India (MSEI), established in 2008 and headquartered in Mumbai, is a key player among India’s recognized stock exchanges. Despite being smaller than its counterparts, NSE and BSE, MSEI has carved a niche by focusing on regional outreach and specialized asset classes like currency derivatives. The unlisted shares of MSEI have drawn growing interest due to ongoing strategic initiatives and fundraising efforts.
This article offers an in-depth review of MSEI’s unlisted share price, business structure, financials, and market potential in 2025.
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Business Model of the Metropolitan Stock Exchange of India
MSEI operates as a securities exchange platform facilitating trading in equities, derivatives, currencies, ETFs, and debt instruments. Its operational focus revolves around:
- Equity and Derivatives Trading: Providing a regulated marketplace for equity and currency derivatives trading with an emphasis on small and regional investors.
- Technology-Driven Trading Platform: Leveraging robust technology infrastructure to offer fast, secure, and reliable trade execution.
- Specialized Segments: Including interest rate derivatives and commodity derivatives, expanding beyond traditional exchange offerings.
- Member-Focused Services: Offering tailored services to trading members, including clearing, settlement, risk management, and compliance support.
The company aims to increase market participation and promote an inclusive investment ecosystem, distinguishing itself through innovation and regional market access.
Services of the Metropolitan Stock Exchange (MSEI)
- Equity Trading Platform
- Currency Derivatives Trading
- Interest Rate Derivatives
- Exchange-Traded Funds (ETFs) Trading
- Debt Instruments Trading
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Key Events Shaping MSEI’s Valuation
1. Fundraising Activities
- December 2024: MSEI raised INR 240 crore via private placement, marking a turning point in market perception.
- July 2025: Announced plans to raise an additional INR 1,000 crore.
These capital infusions signaled aggressive expansion and possible technology upgrades, fueling speculative rallies in the share price.
2. Product Expansion Speculation
Optimism centered around MSEI launching a new F&O trading platform—potentially giving India a “third expiry window” and boosting competitive positioning with NSE and BSE. This prospect attracted specialized investors, driving up the share price in early 2025.
3. IPO and Market-wide Correction
By August 2025, reality set in as several highly anticipated IPOs—such as HDB Financial—priced far below expectations, leading to a wave of panic selling. MSEI’s unlisted stock bore the brunt, with its share price plummeting more than 50% from its June highs.
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MSEI Board of Directors
- Mr. Dinesh C. Patwari, Chairman and Public Interest Director
- Ms. Latika S. Kundu, Managing Director & CEO
- Mr. Ashok K. Dogra, Public Interest Director
- Mr. Rakesh Kumar Srivastava, Public Interest Director
- Mr. Manoj Kunkalienkar, Non-Independent Director
MSEI Share Price Details
| Name | MSEI Share Price Details |
| Face Value | INR 1 per share |
| ISIN Code | IINE312K01010 |
| Lot Size | 10,000 shares |
| Demat Status | NSDL, CDSL |
| Share Price of MSEI | INR 4.15 per share |
| Market Cap | INR 2,490 crores |
| Total number of shares | 6,00,02,17,033 shares |
| Website | www.msei.in |
Correction in 2025: By June, the price peaked at INR 9 before retreating to INR 4.25 as of August 2025, representing more than a 50% correction from its highs. The abrupt decline was triggered by widespread market caution following a series of IPOs priced well below grey-market expectations.
Metropolitan Stock Exchange Unlisted Share – Shareholding Pattern
The details of shareholders’ holding of equity shares:
| Shareholder Name | % to Holding | No. of shares |
| Public Shareholdings | 47.94 | 2,87,68,11,786 |
| Private Corporate Bodies | 30.57 | 1,83,45,18,479 |
| Others [Non-resident Indians (NRIs)] | 19.99 | 1,19,95,10,500 |
| Institutional Investors | 1.49 | 8,93,76,268 |
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MSEI Unlisted Share Price – Financial Performance
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 9.21 | 7.36 | 4.31 |
| Revenue Growth (%) | (8.45) | (20.09) | (41.44) |
| Net Income | (18.67) | (48.62) | (34.22) |
| Margin (%) | (202.71) | (660.60) | (793.97) |
| EBITDA | (49.0) | (54.0) | (41.7) |
| ROCE (%) | (8.25) | (24.69) | – |
| EPS | (0.04) | (0.10) | (0.06) |
MSEI Annual Reports
MSEI EGM Report August 2025
MSEI Annual Report FY 2023 – 24
MSEI Annual Report FY 2022 – 23
MSEI Unlisted Share – Peer Comparison
| Company | 3-yr Sales CAGR (%) | ROCE (%) | Net Margin (%) | MCap (Cr.) |
| MSEI | (20.79) | 14.37 | 17.50 | 2,037 |
| BSE | 56.3 | 46.6 | 41.16 | 97,183 |
| NSE | 32.13 | 44.0 | 50.54 | 5,30,888 |
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MSEI Unlisted Share Price FAQs
Is it safe to purchase unlisted shares in India?
While there are risks associated with unlisted shares, purchases made from credible brokers and after conducting due diligence considerably lower these risks.
What is the current pre-IPO share price of MSEI?
MSEI share price today is INR 4.15 per share. Shares are purchased in lots of 10,000 shares.
Who determines the MSEI unlisted share price?
MSEI share price is determined by various factors, including recent transaction price, supply and demand, valuation in the latest funding round, profitability, and return ratios.
When is the MSEI IPO planned?
Metropolitan Stock Exchange of India (MSEI) is preparing for an IPO but has not set an official timeline, as it continues securing regulatory approvals and assessing market conditions.
What is the expected target price for MSEI unlisted shares?
As of August 2025, MSEI’s unlisted shares trade between INR 3.05 and INR 4.60 each. No official or widely accepted target price exists, as values fluctuate with market demand, supply, fundraising activity, and speculation.