Investing in unlisted shares of popular start-ups has become the latest obsession for retail investors hoping to repeat the early success stories of Nykaa or Zomato. Grey-market prices of companies like Lenskart, Groww, and PhysicsWallah surged in the run-up to their public offers. Many investors are again chasing unlisted shares in the hope of bagging quick listing gains. Yet, as recent listings show, not every pre-IPO bet turns into a jackpot.