New Delhi, Nov. 28 -- Zerodha CEO Nithin Kamath on Friday flagged a huge concern investors are facing as the buzz at the IPO market grows - the issue about unlisted or grey markets.

In a post on X, Kamath raised concern against the "phenomenally stupid" stories he said was emerging out of the grey market and described how people are betting their money on pre-IPO companies in hopes of bigger gains.

"Given how hot the IPO market is, I'm hearing some phenomenally stupid stories from the unlisted market. People are blindly punting on so-called "pre-IPO" companies hoping they'll make bigger gains than during the actual IPO," Nithin Kamath said.

The Zerodha CEO pointed out that these shares come with price markups, commissions and are highl...