On this page
# Why Unlisted Share Prices Differ Across Platforms and Brokers
Search "Zepto unlisted share price" and you'll likely find three or four different numbers on different websites. Unlike listed stocks, where the BSE and NSE show the same price to the rupee, unlisted share prices vary — sometimes significantly.
This isn't fraud. It's how price discovery works in the absence of a central exchange.
How Listed Share Prices Work
On the BSE or NSE, all buy and sell orders for a stock flow into a single order book. The exchange matches buyers and sellers continuously and publishes the last traded price in real time. Every investor in the world sees the same price.
How Unlisted Share Prices Work
There is no central order book for unlisted shares. Instead:
- Platform A has 50 buyers and 20 sellers for Company X
- Platform B has 10 buyers and 5 sellers for Company X
- A private deal between two individuals happens at a completely different price
Each platform only sees its own transactions. "Price" on an unlisted platform means "the last price at which a transaction settled on this platform" — not a universal market price.
Five Reasons Prices Differ
1. Different last transaction dates Platform A may have settled a trade 3 days ago; Platform B's last transaction was 3 weeks ago. If new information emerged in between (a funding round, an IPO filing, a media story), the more recent price is more relevant.
2. Different buyer and seller pools Each platform has its own user base. A platform with more motivated sellers will show a lower price; one with more motivated buyers will show a higher price.
3. Stale quoted prices Some platforms display "indicative prices" rather than actual settled transaction prices. These can be outdated by weeks or months — and may not reflect a real transaction at all.
4. Fees included or excluded Some platforms quote a price that includes their transaction fee (2–3%); others quote the base price before fees. A ₹300 price on Platform A (fee inclusive) and ₹292 on Platform B (fee before 2.5% platform fee) may be the same effective cost.
**5. Grey market vs actual demat settlement** Grey market "prices" are informal quotes from dealers who may not have settled an actual transaction. They can be fabricated to attract buyers. Demat-settled transaction prices are harder evidence.
Which Price Should You Trust?
Rank price signals by reliability:
- 1Actual settled transaction price (demat verified) — most reliable
- 2Recent fundraising price ÷ total shares outstanding — fundamental anchor
- 3Revenue or earnings multiple vs listed peers — valuation check
- 4Grey market quotes — treat as directional noise only
Polemarch's transaction prices reflect actual settled demat transfers — shares physically moved from a seller's demat to a buyer's demat at the stated price. This is the most reliable form of price discovery available in the unlisted market.
How to Calculate a Fair Value Independently
Method 1: Last fundraising price
- If the company raised ₹500 crore at a ₹5,000 crore valuation and has 10 crore shares outstanding: implied price = ₹500/share
- If the unlisted market is at ₹600/share, you're paying 20% above the last VC round — possible if the company has grown since then, but worth understanding why
Method 2: Revenue multiple
- Company revenue: ₹300 crore; growing at 30%
- Listed peer trades at 5x revenue → ₹1,500 crore valuation
- Total shares: 10 crore → implied price = ₹150/share
- Apply 30% illiquidity discount → ₹105/share fair value
- If unlisted market is at ₹120, you're at a small premium to fair value
Method 3: Earnings multiple
- If the company is profitable: apply a P/E multiple from listed peers
Any unlisted price significantly above all three anchors deserves scrutiny.
The Spread: Bid vs Ask in the Unlisted Market
Unlisted shares typically have wide bid-ask spreads:
- Listed stocks: 0.01–0.1% spread
- Popular unlisted shares: 5–10% spread
- Less popular unlisted shares: 10–20% spread
This means if you buy at ₹300 today and need to sell tomorrow, you may only find buyers at ₹270. Never buy unlisted shares with money you might need soon.
*Published by the Polemarch editorial team. Not investment advice.*