Buy Unlisted Shares

The unlisted space in india is still at very nascent stage for multiple reasons :

1. There is no real time data available for buyers/sellers. One doesnt know who is selling and for what reason and vice versa. Mostly these unlisted shares are offered in fixed lots and there buying /selling price on a given day has a very large spread.
2. They are mostly promoted before a IPO or during a bull run. Dreams are built on post ipo listing gains which we know how they turn out in case of over hyped ipos like nykaa and zomato.
3. There is a real chance of big drawdown in case the planned activities of the company including going for a ipo doesnt work out. mobikwik went from 1300 to 150 in a year.
4. Also i could not find much information to read on the businesses of unlisted space in a organized space.
5. If somebody has to really have some sort of allocation here then two approaches might work
   a. Scan this space only when the main indexes are in a bear run and investor sentiment is down.
   b. Buy good franchise owned business after clear call on the industry and other fundamentals.
6. Except the above two i find that due to speculative and illiquid nature of such markets, investors might burn their hand more here than make money.
   disc: invested in mobikwik unlisted shares (big loss)