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An unlisted illusion: Highbrow Securities' Tarun Singh demystifies IPO pricingThe unlisted and grey markets are voting booths, subject to moods and whispers. Only on the regulated exchange does the weighing truly occur, grounded in performance and fundamentals, notes Tarun Singh, MD & Founder of Highbrow Securities.By Tarun Singh  October 20, 2025, 10:09:01 AM IST (Updated)5 Min ReadChoose  CNBC TV18 on Google

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For over thirty years, I have observed the Indian capital markets evolve, mature, and occasionally convulse. From the boom of the 1990s to the emergence of global capital inflows in the 2000s, to the retail investor revolution of the 2020s, one fundamental question has remained central: how is the true share price of a company determined? The answer appears deceptively simple — that price is what buyers and sellers agree upon — but the mechanics, psychology, and contexts that underlie this "agreement" are far more layered.Continue Reading with CNBC-TV18 Access MembershipPriority Access and Networking: CNBC-TV18's flagship events Interaction with CNBC-TV18's journalists Webinars & LIVE Q&As with India Inc. Leaders Exclusive CNBC-TV18 studio & newsroom tours Premium business insights, expert opinions & analysis Curated lifestyle privileges & offers