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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.
There is no live price for an unlisted share. What an indicative price really means, why it is often stale, and why a firm bid can sit below the last-traded number you saw.
Last reviewed 5 Jul 2026
An unlisted share has no exchange behind it, so there is no live, continuously discovered price. Every price you see is indicative: an estimate drawn from recent private transactions or from an assessment of the company's value. It reflects what someone was asked or what a deal recently cleared at — not a number you can transact at on demand.
Because deals are infrequent and private, an indicative price can be stale, and it can move materially between the time you see it and the time a trade is actually agreed. The number that matters is the one confirmed on your allocation when you buy, or the firm bid the desk quotes when you sell.
When you sell, the desk quotes a firm bid — the price it will actually pay today for a verified holding. That bid usually sits below the indicative 'last-traded' figure you may have seen quoted elsewhere, and there are honest reasons why.
Indicative last-traded prices often reflect a buyer's ask, not a seller's realised price, and they are frequently based on thin or one-off trades. Because unlisted shares are illiquid, there are few ready buyers, and the desk carries the inventory and the risk of re-selling. The gap between the buy price and the sell price — the spread — is where the desk's margin lives, instead of a separate fee. You are always free to decline a quote; nothing is committed until you accept.
Several things feed into where an unlisted share is valued: the company's financial performance and growth, the price of its most recent funding round, comparable listed or unlisted businesses, the balance of buyers and sellers for that specific name, and any expectation (never a certainty) of a future listing. Some of these are backward-looking and can be months out of date.
Where the platform shows financial figures for a company, they are compiled from sources believed reliable but are not independently verified, and are provided for information only. They are not a valuation, a forecast, or a recommendation.
This guide is general educational information about unlisted shares — not investment, legal, or tax advice, not a recommendation, and not an offer. Unlisted shares are illiquid and carry a high risk of loss. Read the full Risk Disclosure and do your own diligence, and consult a SEBI-registered adviser, before you invest.
Read the full risk disclosure before you enquire.