Unlisted & Pre-IPO Shares — Curated Access

01 — The Structure

Shares in companies that haven't listed — bought off-market, held in your demat.

Unlisted shares change hands privately — from employees, early investors or other existing shareholders — rather than on an exchange. “Pre-IPO” simply means the company is expected to list at some point. It is an expectation, not a commitment.

How it works

Off-market, into your demat

A transaction is a private purchase at a negotiated price. Payment is made by bank transfer, and the shares are transferred off-market into the demat account in your name — where they appear by ISIN like any other holding.

Where they come from

ESOPs, early investors, existing holders

Supply comes from employees monetising ESOPs, early-stage investors exiting, and other existing shareholders. Availability is lumpy — a name that is available this month may not be available next month.

vs Listed Equity

No exchange, no daily price, no easy exit

There is no order book and no exchange settlement guarantee. Price discovery is thin, disclosure is limited to what an unlisted company must file, and selling depends on finding a buyer.

02 — The Risks, First

What a pre-IPO pitch usually leaves out.

Unlisted equity can be a legitimate part of a portfolio. It is also where investors most often buy a story. These are the things we go through before any company is discussed.

Not exchange-traded or SEBI-regulated

Unlisted shares are not traded on a recognised stock exchange, and these transactions sit outside the investor-protection and grievance mechanisms that cover exchange trades. You are relying on the counterparty and the paperwork.

Liquidity risk

There is no ready market. You may not be able to sell when you want to — or at all — and an exit can mean weeks of looking for a buyer at a price you are willing to accept.

Valuation risk

Prices are negotiated, not discovered. What you pay may bear little relation to fundamentals or to an eventual IPO price — companies have listed well below their last unlisted-market price.

The IPO may never happen

A company can delay, shrink or drop its listing plans entirely. “Pre-IPO” describes an expectation, and holding periods regularly run years longer than the pitch suggested.

Lock-in after listing

Under SEBI's ICDR regulations, shares held before an IPO are generally locked in for six months from allotment in the IPO. You cannot sell on listing day, however attractive the price.

Limited information

Unlisted companies disclose far less, far less often, than listed ones. The last audited annual filing may be the most recent set of numbers available — and it can be many months old.

We do not publish company names or prices on this page.

Availability and prices change constantly, and listing them here would amount to soliciting interest in specific securities. What is currently accessible is discussed one-to-one, after a suitability conversation — never published, and never pushed.

03 — Honest Qualification

A small satellite position — for the right investor only.

We say this before the conversation, not after. If unlisted equity doesn't belong in your portfolio right now, it is better to know that early.

A good fit if

Your core portfolio — mutual funds, and PMS or AIF where relevant — is already in place and working
The money is genuinely surplus: you can leave it untouched for three to five years, or longer
You could absorb a substantial or total loss on the position without it touching any goal
You want exposure to a specific business you understand — not a listing-day pop

Not a good fit if

You are investing for listing-day gains — the six-month post-IPO lock-in rules that out
You may need the money on a known date — there is no assured exit
It would be a large share of your equity allocation rather than a small satellite position
You are new to equity investing — a diversified mutual fund portfolio comes first

04 — What Happens Next

From a suitability conversation to shares in your demat.

01

Suitability conversation

Your goals, existing allocation and liquidity needs. If unlisted equity doesn't fit your picture right now, we say so — before any company is named.

02

What is available

Names currently accessible through our empanelled partners, the indicative price, the minimum lot, and what is publicly known about the company — shared one-to-one.

03

Your own reading

We share the company's available filings and point to the risks specific to it. Whether to buy, and at what price, is your decision.

04

Execution

The price, lot size and any transfer charges are confirmed in writing. You pay by bank transfer and the shares are transferred off-market into the demat account in your name. Ladder never holds your money or your shares.

05

Holding and exit

The position is tracked alongside the rest of your portfolio at reviews. If the company lists, the lock-in applies; if it doesn't, an exit depends on finding a buyer.

05 — Transparency

How we're paid — plainly stated.

LFS acts as a distributor for empanelled partners. We do not hold inventory, set prices, or take the other side of your transaction.

What you pay

The price per share, the lot size, and any transfer-related charges such as stamp duty are confirmed in writing before you transact. Nothing is added afterwards.

LFS distribution margin

Ladder Financial Services is paid a margin or fee by the empanelled partner through whom the transaction is executed — disclosed to you before you transact. You do not pay LFS separately.

Commission Disclosure — full breakdown →

06 — Common Questions

Things people usually ask about unlisted shares.

Are unlisted shares regulated by SEBI?

The companies themselves are governed by the Companies Act, and SEBI's rules apply to the IPO process once a company files to list. But buying and selling unlisted shares is a private, off-market transaction — it does not take place on a recognised stock exchange and is not covered by exchange investor-protection or grievance mechanisms.

What is the minimum investment?

It varies by company and by what is available — lot sizes are set by the seller, not by us. Indicative minimums are shared when current availability is discussed.

How do I hold the shares?

In dematerialised form, in the demat account in your own name. They appear by ISIN alongside your listed holdings. Ladder Financial Services never holds client securities.

Can I sell before the company lists?

Only if a buyer can be found. There is no exchange and no market-maker. Our partners can help look for a buyer, but neither they nor we can assure an exit or a price.

How are gains taxed?

Differently from listed equity. Under current rules, gains on unlisted shares held for more than 24 months are long-term; gains on shorter holdings are added to your income and taxed at your slab rate. If the company lists and you later sell on the exchange, listed-equity rules apply to that sale. Tax rules change — confirm the treatment with your CA before transacting.

How is LFS paid?

LFS is paid a margin or fee by the empanelled partner through whom the transaction is executed. You do not pay LFS separately. Details are in the Commission Disclosure.

07 — Unlisted & Pre-IPO Shares

Understand the risks before the opportunity.

Current availability is discussed one-to-one, never published. Reach us on any of the details below.

Phone / WhatsApp

+91 98194 44453

Email

yuvraajbudhwani@yahoo.in

Hyderabad

Royal One Apartments, 304
Road No. 8, Banjara Hills
Hyderabad – 500034

Mumbai

Office 12, Shri Paramanand Society
Road No. 5, Khar West
Mumbai – 400052

Contact details & offices →

Private-market equity — understood before it's bought