Unlisted Shares

Pre-IPO and growth-stage companies are where unlisted equity earns its reputation — and its risk. The window between private and public can create substantial value, but only if the business fundamentals justify the entry price.

• Access to pre-IPO companies ahead of a potential listing event.
• Growth-stage private businesses with credible scale trajectories and capital discipline.
• Screening for promoter quality, governance, and realistic exit paths before entry.

Unlisted shares are not bought and sold on an exchange. Every transaction is negotiated privately or executed over-the-counter between willing parties — which means process, documentation, and counterparty quality matter enormously.

• Sourcing through verified private and OTC channels with documented transfer trails.
• Share transfer execution — share purchase agreements, stamp duty, and company registration.
• Counterparty diligence to reduce settlement and title risk.

Delisted companies often trade at a discount precisely because they are no longer visible to the market. That discount can be an opportunity — or a warning. The difference lies in why the company was delisted and what its fundamentals look like today.

• Evaluation of delisted companies with viable businesses and credible relisting or exit potential.
• Screening of event-driven and special situation opportunities in the unlisted space.
• Distinction between value traps and genuine mispricing — with clear reasoning for each.

Unlisted companies carry far lighter disclosure obligations than listed ones. What you can find out depends on what they choose to share — which makes independent diligence not optional, but essential.

• Financial statement review, wherever available, covering revenue quality, margins, and debt.
• Governance, promoter, and cap-table assessment to surface concentration and control risks.
• Explicit disclosure to you of what is unknown — so you know where the information gaps are before you commit.

Without a live market price, unlisted shares have no single "correct" valuation. Pricing is negotiated, benchmarked, and often influenced by sentiment. Discipline here is what separates a good entry from an expensive one.

• Valuation benchmarking against listed peers, recent private rounds, and transaction comps.
• Sensitivity analysis on growth, margins, and exit multiple assumptions before you buy.
• Clear articulation of what price makes sense — and at what price the deal stops being attractive.

Unlisted shares are illiquid by design. There is no exchange to sell into, no daily price to mark against, and no guarantee of a buyer when you want one. Exit must be planned at entry, not at the point of need.

• Mapping of realistic exit routes — IPO, strategic sale, buyback, or secondary transfer.
• Position sizing that respects the illiquidity — no over-commitment to any single unlisted name.
• Awareness of lock-ins, ROFR clauses, and transfer restrictions at the time of purchase.

Unlisted share transactions carry a distinct tax and documentation profile — capital gains treatment, stamp duty, disclosure in your tax return, and the paperwork required to actually get shares registered in your name.

• Clarity on capital gains treatment and holding-period rules for unlisted equity.
• Guidance on share transfer documentation, stamp duty, and company-side registration formalities.
• Coordination with your tax advisor on disclosure and reporting obligations.