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Unlisted Shares

Invest in promising companies before they list on the stock exchange.

What are unlisted shares?

Unlisted shares are shares of companies that are not yet listed on a stock exchange like NSE or BSE. They are usually bought from early investors or employees of the company, giving investors a chance to own a stake before a possible IPO.

Key features

  • Pre-IPO opportunity: invest in growing companies before they come to the public market.
  • Held in your demat account: unlisted shares are transferred electronically, just like listed shares.
  • Lock-in after listing: if the company lists, pre-IPO shareholders usually face a lock-in period as per SEBI rules.
  • Limited liquidity: there is no exchange to sell on, so exiting can take time and prices are negotiated.

Who is it for?

Unlisted shares suit investors with a long horizon and a higher appetite for risk, who understand that a listing is never guaranteed.

Offer unlisted shares as a Profinity Partner

Help your clients discover pre-IPO opportunities and earn on every transaction through the Profinity app.

Investments are subject to market risks. Read all offer and scheme-related documents carefully before investing.

At a glance

Key numbers

Funds raised through equity public issues (IPO + FPO) in India

A strong IPO market is what gives pre-IPO (unlisted) shares their exit route.

₹ crore
15,677 FY16
+86% 29,210 FY17
+169% 78,497 FY18
-80% 16,087 FY19
+33% 21,323 FY20
+116% 46,060 FY21
+144% 1,12,568 FY22
-48% 59,073 FY23
+15% 67,982 FY24
+180% 1,90,478 FY25
-1% 1,88,704 FY26

Source: SEBI, via Economic Survey 2025-26 Statistical Appendix Table 3.8 (FY16-FY25) and SEBI Annual Report 2025-26 (FY26). Includes SME issues and FPOs. Orange tags show growth over the previous period.

Pre-IPO

Entry point

Invest before the company lists

6 months

Lock-in after IPO

For pre-IPO shareholders, as per SEBI

Demat

Holding

Held electronically like listed shares

Long

Horizon

Exits can take time; listing is not guaranteed