Bets on unlisted shares may backfire, as this company’s example proved

The sharply lower valuation of the HDFC Bank subsidiary than the unlisted market value might result in retail interest waning for other pre-IPO shares.

source https://www.livemint.com/market/market-unlisted-shares-hdfc-bank-pre-ipo-retail-interest-valuation-bajaj-finance-nse-nsdl-msei-ncdex-11750589072489.html