The shares of Chennai Super Kings (CSK) are charging ahead in the unlisted market, rising as much as 60% in just three months, underscoring how capital markets are beginning to reprice the business potential of Indian Premier League (IPL) franchises.
According to data from InCred Money, following the deal announcement for IPL franchisees Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR), the already high-flying CSK stocks got a further leg up.
CSK’s unlisted shares rose to ₹350 after the news from around ₹300 earlier. A month ago, the stock was at ₹250 and three months back, around ₹215.
What’s powering the rise in CSK unlisted shares?
CSK is one of the most successful and commercially valuable franchises in IPL. The recent franchise valuations of Royal Challengers Bengaluru ($1.78 bn) and Rajasthan Royals ($1.63 bn) have triggered a sharp re-rating across IPL-linked assets, including for CSK.
According to Nuvama Research, the $1.8 bn RCB deal sets a new benchmark for IPL franchise valuation, implying more than 2x valuation for Gujarat Titans at $900mn and above the Rajasthan Royals’ recent $1.6bn valuation.
“This reflects a sharp re-rating of IPL assets, with franchise value increasing ~25x since inception in 2008, supported by strong global investor interest from private equity and US sports owners,” it said.
CSK continues to be seen as a premium sports asset with strong monetisation visibility, and current developments in IPL valuations only strengthen its long-term investment narrative, said Narinder Wadhwa, MD & CEO at SKI Capital Services.
Apart from re-rating of IPL franchise valuations, Wadhwa said that CSK shares are supported by scarcity premium (limited availability in unlisted space) and potential long-term triggers such as listing or strategic stake sales. CSK is the only IPL team available in the unlisted market.
The price of Chennai Super Kings has climbed to ₹350, implying a market capitalisation of ~ ₹13,200 crore after the RCB deal news, said InCred Money. “It remains to be seen how much further the price can move from here.”
The total business value of the IPL, which features 10 teams, jumped 13% year-on-year to a record $18.5 billion ( ₹1.56 trillion) in 2025, according to a report by investment bank Houlihan Lokey, Mint reported earlier this week.
More upside left in CSK shares?
According to SKI Capital’s Wadhwa, CSK stock could see further upside of 10–15% in the near term as valuation discovery continues and demand for quality sports assets remains firm.
The franchise benefits from consistent on-field performance, frequent playoff appearances, and one of the strongest brand recalls in the league. Revenue visibility remains robust, driven by diversified streams such as central media rights, sponsorship deals, and merchandising.
“There is a noticeable shift in the investor base, with increased participation from HNIs and family offices viewing sports franchises as a distinct asset class,” he said.
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