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What are unlisted shares?
Unlisted shares are equity shares of companies that are not traded on a recognised stock exchange — such as the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE). Instead, they change hands through private, over-the-counter (OTC) transactions between buyers and sellers, facilitated by intermediaries or platforms like Precize.
If a company has issued shares but has not yet completed an IPO, those shares are, by definition, unlisted. This includes late-stage startups like Zepto, established financial institutions like Incred Holdings, and NSE itself — which has over ₹5.8 lakh crore in implied market capitalisation but has not yet received SEBI approval to list.
Unlisted vs listed shares — key differences
| Feature | Listed shares | Unlisted shares |
|---|---|---|
| Where traded | NSE / BSE | OTC / Precize |
| Price discovery | Real-time market orders | Negotiated / aggregated |
| Liquidity | High — sell anytime | Precize: 24 - 48 hr exit |
| SEBI regulation | Heavily regulated | Legal; Companies Act 2013 |
| Disclosure | Quarterly filings required | Limited - research needed |
| Entry price | Public market price | Often below IPO price |
Why do companies have unlisted shares?
A company's shares become unlisted when it has issued equity to private investors — founders, employees (via ESOPs), VCs, or strategic investors — but has not yet gone public. Some remain private by choice, while others are actively working toward a listing.
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Why invest in unlisted shares?
Pre-IPO price advantage
Buy before public listing — often at a discount to the eventual IPO price.
Portfolio diversification
Access private markets beyond public equity — returns uncorrelated to daily market swings.
High-growth companies
Invest in Zepto, NSE, SBI Fund Management before they list — growing faster than most listed peers.
Investors who purchased Swiggy's unlisted shares before its November 2024 IPO at ₹300–400 per share captured the bulk of the pre-IPO valuation premium — well before the ₹390 issue price was set.
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How unlisted shares work in India
Unlisted shares trade over-the-counter — no central exchange. Precize aggregates sellers and buyers, verifies ownership, and facilitates transfer directly to your demat account. The process takes 24–48 business hours from payment.
Confirm, order, pay — three steps
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Top unlisted companies in India (2026)
A curated selection of leading private growth companies — each with price history, analyst reports, and a direct path to your demat account via Precize.
National Stock Exchange (NSE)
Financial Services
India's largest stock exchange. Implied market cap ~₹5.8L Cr. SEBI approval still pending.
Zepto
Ecommerce & Quick Commerce
10-minute grocery delivery. DRHP filed December 2025; IPO expected H1 2026.
Metropolitan Stock Exchange of India
Financial Services
Emerging stock exchange. Unlisted trading active. No IPO filing or timeline yet.
Oravel Stays (OYO Rooms)
Hospitality & Travel
Global hospitality platform. DRHP withdrawn. IPO plans ongoing with re-filing expected.
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How to buy unlisted shares in India
Buying on Precize takes under 10 minutes with a KYC-complete demat account. You need a PAN-linked demat (Zerodha or Groww or HDFC Securities) and funds available via UPI or Net Banking. Minimum ticket size is ₹10,000.
Step 1
Register and complete KYC on Precize using PAN, Demat account and Bank account — under 5 minutes.
Step 2
Browse the catalog, select a company, and review price history and analyst reports.
Step 3
Place your order and pay via UPI — shares arrive in your demat within 24–48 hours.
Want the full walkthrough?
KYC requirements, lot sizes, and pricing explained
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Risks of investing in unlisted shares
Unlisted shares carry unique risks that listed equity does not. Here is an honest view — alongside how Precize mitigates each.
| Risks | Description | Why Precize is better |
|---|---|---|
| Liquidity risk | No exchange means finding a buyer takes time on informal channels — days or weeks. | Exit window of 24–48 hours from your sell request. |
| Valuation uncertainty | No live market price. Platform prices are indicative — actual transaction price may differ. | Transparent price history charts |
| Information asymmetry | No detailed research reports or company overviews are publicly available. Due diligence is harder. | In-house research notes and analyst views on all major companies. |
| Regulatory risk | Many unlisted share platforms operate without proper compliance, putting investor capital at risk. | Precize follows Companies Act 2013 and settles every trade via SEBI-registered depositories through demat transfer. |
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Tax on unlisted shares in India
Capital gains tax applies on profits from selling unlisted shares. The rate depends on your holding period — measured from date of allotment or transfer.
Short-term capital gain
Slab rate
- Held less than 24 months
- Added to total income — taxed at your applicable slab (up to 30% for income above ₹15L)
Long-term capital gain
12.5%
- Held 24+ months
- Post Budget 2024: 12.5% without indexation — reduced from 20% with indexation
The 24-month threshold for unlisted shares differs from the 12-month threshold for listed equity. For HNIs with income above ₹1 crore, surcharge applies — effective LTCG rate can reach 14.25%.
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How to sell unlisted shares - exit strategy
Selling unlisted shares is harder than listed equity — but Precize offers a 24–48 hour exit window. Initiate a sell request, Precize matches you with a verified buyer from its network, and the transfer is processed from your demat.
Before selling, consider whether you are within the 24-month STCG window. Waiting for LTCG treatment at 12.5% can significantly improve net returns on high-gain positions.
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