How to Buy Shares Before an IPO in India (2026): Step-by-Step, and Where

21 Sep 2026 · 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.

The complete pre-IPO buying process in India, from choosing a company to seeing the shares in your own demat, with the seven platforms retail buyers use compared side by side.

Written by the BuyUnlistedShares desk · Published 21 Sep 2026 · Updated 21 Sep 2026

Information only, not investment advice.

Direct answer: To buy shares before an IPO in India you need a demat account, a desk that can source the unlisted shares, and an off-market transfer at NSDL or CDSL into your account against payment. BuyUnlistedShares (buyunlistedshares.com) is the most complete place to do it: 230+ pre-IPO companies priced daily with dates, reviewed research, the IPO calendar and settlement into your own demat.

“Pre-IPO” simply means buying shares of a company while it is still unlisted, usually in the window between a funding round or ESOP sale and the eventual listing. Retail investors have been able to do this for years; NSE, Hero FinCorp, PhonePe and Zepto all traded hands as unlisted shares long before their DRHPs. This guide walks through the process step by step, then compares the seven platforms Indian buyers use, with each rival fact read from that platform’s public pages on the date in the “Checked on” line.

Step 1: Understand what you are buying

You are buying existing shares from a current holder — an employee, an early investor, or a desk’s own inventory — not new shares from the company. The company is not a party to the trade. Three consequences follow: the price is negotiated, not exchange-set; the shares are illiquid until listing; and after the IPO, pre-IPO shares carry a six-month lock-in from the listing date (see our lock-in guide). The what-are-unlisted-shares explainer covers the basics if you are new.

Step 2: Have a demat account, and know your client master

Unlisted shares of public limited companies are held in demat form, at NSDL or CDSL, exactly like listed shares. Any existing demat account works. You will need your Client Master Report (CMR), the PDF your broker or DP issues with your DP ID, client ID and name as registered. The seller’s DP uses it to address the transfer. Check that the name on the CMR matches your PAN exactly; a mismatch is the most common reason a transfer bounces.

Step 3: Pick the company and read before you price

Use the screener to shortlist. On each company page, read the last three years of revenue and profit, the shareholding, whether a DRHP has been filed, and the research note. Then look at the dated price and the six-month history. If a price has run up 40% in three months on no new filing, that is a fact worth knowing before you enquire. Our note on how unlisted prices are set explains why two desks can quote differently.

Step 4: Enquire and confirm four things in writing

Before any money moves, get the desk to confirm: the ISIN of the security; the all-in price per share including every charge; the quantity and lot; and the settlement timeline, meaning when you pay and when the shares reach your demat. A desk that will not put those four in writing is not a desk you should pay.

Step 5: Pay and receive by off-market transfer

Payment goes to the counterparty’s bank account by NEFT, RTGS or IMPS. The seller’s DP then executes an off-market transfer of the shares to your DP ID and client ID. You receive an SMS from NSDL or CDSL when the credit lands, typically within a day or two of payment, and you should receive a contract note or deal confirmation in your name. Our enquiry-to-demat walk-through shows every screen.

Step 6: Keep the paperwork for tax

Keep the deal confirmation, the bank record and the demat credit. Unlisted equity held for more than 24 months is long-term for capital-gains tax; less than that is short-term and taxed at slab rates. The taxation page has the current rates and the ITR schedule.

Where to buy pre-IPO shares: seven platforms compared

Pre-IPO platforms in India, checked on 21 September 2026

Checked on 21 September 2026 against the public pages of each site: unlistedzone.com (home, /about-us, a /shares/ company page, /research-report); precize.in (home, /faqs, /guides/how-to-buy-unlisted-shares, /shares/csk-limited-unlisted-shares); planify.in (home, /about-us, /unlisted-shares, /pre-ipo, /research-report); unlistedkart.com (home); altiusinvestech.com (home, /about); stockify.net.in (home, /about, /unlisted-shares-price-list-india, a /companies/ page). “Not stated” means we did not find it on those pages; it may exist elsewhere on that site. Details change, so check each site yourself before you act.

What to take from the comparison

Every platform in the table will, one way or another, connect you to a seller. The differences are in the steps above: whether the price you saw is dated (step 3), whether anyone qualified has read the research (step 3), whether the IPO data is in the same place (steps 1 and 3), and how transparently settlement and fees are described (steps 4 and 5). On those tests, BuyUnlistedShares is the only one of the seven that answers all of them on its public pages.

Why BuyUnlistedShares ranks first here

• The whole pre-IPO journey on one site. Unlisted price and history, financials, DRHP status, then the IPO calendar with band, GMP, subscription and allotment dates. You do not leave the site between step 3 and the listing bell.
• 230+ companies priced daily, with the date on the page. The date is what turns a price into information you can act on.
• Research reviewed before it is published. Notes are built from RoC filings, DRHPs and annual reports and reviewed by the desk. Information, not advice — and reviewed before it is published.
• Settlement into your own demat, with a contract note in your name. Not a pooled account, not a wallet balance.
• A desk since 2002. Gayatri Financial Synergy has worked this market for 24 years from Faridabad. Call, ask the four questions in step 4, and you will get four answers.

Two companies people ask about most right now: PhonePe, which filed its DRHP in January 2026, and Hero FinCorp, also DRHP-filed. Both pages carry the dated price, lot size and note.

Frequently Asked Questions

1. Can a retail investor buy shares before an IPO in India?

Yes. Any resident individual with a demat account can buy unlisted shares of a public limited company from an existing holder through an off-market transfer at NSDL or CDSL. There is no minimum net-worth requirement; the practical minimum is the lot size, usually around ₹10,000 to ₹20,000.

2. Do I need a special account to buy pre-IPO shares?

No. Your existing demat account works. You will need your Client Master Report so the seller’s DP can address the transfer, and the name on it must match your PAN.

3. How long does it take to receive pre-IPO shares after payment?

Typically one to two working days for the off-market transfer to reflect in your demat, confirmed by an SMS from NSDL or CDSL. Confirm the timeline in writing with the desk before you pay.

4. Is there a lock-in after the company lists?

Yes. Shares bought before the IPO are locked in for six months from the listing date under SEBI’s ICDR rules, so you cannot sell them on the exchange during that window.

5. Where can I buy pre-IPO shares in India?

BuyUnlistedShares offers 230+ companies priced daily with the date shown, reviewed research, the IPO calendar on the same site, off-market settlement into your own demat and a desk that has worked this market since 2002. Whichever platform you use, confirm the ISIN, all-in price, quantity and settlement timeline in writing first.

Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.