If you’ve spent any time scrolling through finance Twitter or WhatsApp investor groups lately, you’ve probably heard the same thing — “No one makes money in unlisted shares anymore.”
The sentiment sounds justified. Liquidity is thin. Many startup valuations have crashed. And the excitement that once surrounded pre-IPO shares feels like it’s gone.
But then there’s SBI Mutual Fund, calmly reminding everyone that the unlisted market isn’t dead — it’s just gone quiet, waiting for investors who understand patience and value.
Yesterday, the State Bank of India’s board approved the IPO of its asset-management arm, SBI Funds Management Ltd. SBI will offload 6.3% of its stake, valuing the AMC around ₹1 lakh–₹1.2 lakh crore.
That’s not just a formality — it’s the biggest validation yet for early unlisted investors. Because these shares, which once traded at around ₹800-900 in 2023, now sit at ₹2,650 in the unlisted market. That’s a 190-230% jump, without the company even listing.
A ₹10 lakh investment three years ago? Worth ₹33 lakh today.
SBI Mutual Fund isn’t a speculative story. It’s India’s largest asset manager, growing its assets under management (AUM) from ₹8 lakh crore in mid-2023 to ₹12 lakh crore by June 2025 — a 22% CAGR.
And the numbers speak louder than any hype:
Revenue (FY25): ₹4,063 crore
PAT: ₹2,540 crore
ROE: 30.8%
Implied P/E: ~52x
Mcap/AUM ratio: 11%, right between Nippon AMC (9%) and HDFC AMC (14%).
In other words, it’s as profitable as its peers — just much bigger. And that’s what investors in the unlisted market paid for: growth backed by substance.
If SBI MF was a one-off story, you could call it luck. But it’s not. More Examples, like NSE and Waaree Energies show the same pattern.
NSE shares were once available for ₹1,000 in 2018-19. Today, it trades around ₹10000 ( pre-bonus), even before an IPO. It’s a monopoly business, minting profits from trading volumes and data services — and time has only amplified its edge.
Waaree Energies, meanwhile, rode India’s solar revolution. Its shares jumped from ₹700 to ₹2500 in unlisted market between 2022 and 2024 as demand for solar panels soared and government incentives kicked in.
Different sectors, same principle: Buy sound businesses early, let growth play out, and wait.
Because too many investors chase the wrong kind of stories — the ones built on hype, not numbers.
They buy into overvalued startups with no clear path to profitability, hoping for a quick flip. When that doesn’t happen, they blame the market.
But the unlisted market never promised quick riches. It promised compounding — and compounding needs time.
SBI Mutual Fund, NSE, and Waaree Energies aren’t exceptions. They’re examples of what works when investors stick to the basics:
Enter at reasonable valuations,
Look for profit-generating businesses,
Hold for 3–5 years, and
Let the fundamentals do the heavy lifting.
The unlisted market isn’t broken — it’s just matured. The easy trades are gone, but the real opportunities remain for those who can tell the difference between hype and value.
Because in the unlisted world, patience still pays — just ask anyone who bought SBI Mutual Fund at ₹800.
