Investments — Unlisted Shares

Get in before
the listing.

Unlisted shares give you access to companies before they reach the public markets — either through pre-IPO placements or the secondary market for existing unlisted equity. For investors with a 2–4 year horizon and an appetite for higher risk in exchange for the potential of significant upside, unlisted shares represent one of the most direct ways to participate in a company's growth story before the broader market gets access.

ACCESS TYPEPre-IPO & secondary market
HOLDINGTransferred to your demat account
HORIZONTypically 2–4 years
LIQUIDITYLower than listed equity
DEPOSITORIESCDSL & NSDL
How you can invest
PRE-IPO

Pre-IPO placements

Acquire shares in companies that have announced or are widely expected to file for an IPO — typically at a valuation that reflects a discount to the anticipated listing price. The window to enter closes once the DRHP is filed and the issue opens to the public.

SECONDARY

Secondary market

Buy existing unlisted equity from promoters, angel investors or early employees who are seeking partial liquidity. These are typically companies with established revenue, a clear business model and a credible listing or acquisition timeline ahead.

ESOP

ESOP monetisation

Employees holding vested ESOPs in unlisted companies can explore secondary sales through our network of buyers and intermediaries — converting paper wealth into liquid capital without waiting for a listing event.

What the process looks like
Sourcing
We identify available opportunities through our network of promoters, early-stage investors and intermediaries — focused on companies with a near-term listing timeline or acquisition potential.
Due diligence
Before presenting an opportunity, we review the company's financials, shareholding structure, regulatory filings and any available DRHP or placement memorandum. We flag red flags, not just the upside.
Pricing
Unlisted share prices are negotiated, not exchange-determined. We benchmark against recent transaction prices and comparable listed peers to ensure you are entering at a defensible valuation.
Transfer
Shares are transferred to your demat account via an off-market transfer with proper stamp duty, contract note and documentation handled end to end. Holdings are visible in your account immediately after transfer.
Exit
Exit options include listing on NSE or BSE, a secondary sale to another investor, or a buyback by the company. We track the company's progress and alert you to exit windows as they open.
Risks to understand before investing
LIQUIDITY

Lower liquidity

Unlike listed shares, there is no continuous exchange order book. Selling before a listing or acquisition event depends on finding a willing buyer — which may take time and involve price negotiation.

PRICING

No real-time price

The value of your holding between entry and exit is not marked to market daily. Pricing is by reference to the last transaction, which may not reflect current market conditions.

TIMELINE

Uncertain exit timeline

IPO timelines shift. A company expected to list in 12 months may delay by a further year or more. Invest only capital you can afford to hold for longer than your original horizon.

Speak to the desk first

Unlisted shares deserve
a proper conversation.

Tell us your portfolio size, horizon and risk appetite — we will identify the right opportunities and walk through the full picture before you commit.

Contact Jupiter Investments →
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