Invest in India's top companies before they list.
Buy pre-IPO and unlisted shares of high-growth Indian companies — research-led, transparently priced, and delivered straight to your demat. No pool accounts.
- CDSL / NSDL · PAN + Aadhaar KYC
- No pool accounts · direct to your demat
- Full refund if we can't source your order
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Get in before the bell rings
Access companies that have filed their DRHP or are building toward an IPO — at unlisted-market entry points.
Research before you commit
Every opportunity comes with financial disclosures, valuation rationale and research notes — not just a price.
Direct, documented settlement
Shares move seller → your demat via CDSL/NSDL with full documentation. No pooled custody, T+2 settlement.
Start from ₹10,000
Low minimums and a flat 2% platform fee shown before you pay. Begin small, build conviction.
Transparent, market-driven pricing
Indicative prices reflect real secondary-market activity — no opaque spreads buried in the deal.
Built for serious investors
HNIs, family offices, ESOP holders and informed retail investors use Polemarch for private-market access.
How it works
Study the pipeline
Shortlist DRHP-filed and IPO-track companies, read the disclosures and research notes, and compare entry valuation against listed peers.
Invest with clarity
Place your order at a transparent indicative price with the flat 2% platform fee shown before you pay — through compliant, KYC-verified rails.
Hold through the listing
Shares reach your CDSL/NSDL demat within T+2 working days. If the company lists, your pre-IPO holding typically carries a 6-month lock-in per SEBI norms.
Why pre-IPO, why now
Public markets only let you in on listing day. Pre-IPO investing aims to participate in a company's growth before that — with the risks that come with private, illiquid securities.
- India's IPO pipeline is deep — many of tomorrow's listings are unlisted today.
- Entry before listing can mean a different risk/return profile (and a lock-in post-listing).
- Diversify beyond listed equities and traditional assets into private-market exposure.
- Liquidity, valuation and listing timelines are uncertain — size positions accordingly.
IPO allotment vs buying pre-IPO — run your own numbers
Compare the allotment-lottery route against buying unlisted shares upfront, with your own quantity and price assumptions.
Pre-IPO investing in India: what you're actually buying
Pre-IPO investing sounds like a shortcut — get in before the crowd, wait for listing day. The reality is more interesting and more demanding. Here is how the pre-IPO market in India actually works, and how to approach it like an investor rather than a lottery-ticket buyer.
Where pre-IPO shares come from
Every pre-IPO share you can buy already belongs to someone: an employee who exercised ESOPs, an angel who wrote an early cheque, an institution trimming a position, or a shareholder from a previous funding round. When you buy, you are stepping into their place on the company's register through an off-market demat transfer — the company itself issues nothing and receives nothing.
This matters because it shapes everything downstream: supply is lumpy (a large ESOP vesting or fund exit can loosen prices; a hot DRHP can dry supply overnight), and the price you see reflects negotiation between real holders and real buyers, not an order book on an exchange.
The DRHP is your best research document
Once a company files its Draft Red Herring Prospectus with SEBI, you get something rare in the private market: an audited, regulator-reviewed account of the business — revenue mix, risk factors, litigation, related-party dealings and shareholding patterns. Most pre-IPO investors never read it. Reading it is your edge.
Focus on the sections that resist spin: cash-flow statements over adjusted-EBITDA narratives, the risk-factors chapter (where lawyers force honesty), and the objects-of-the-issue section, which tells you whether the IPO funds growth or simply lets early holders exit.
Lock-ins, timelines and the two clocks
Pre-IPO investing runs on two clocks. The first is the listing clock: a DRHP filing does not guarantee an IPO — companies withdraw, refile, or wait out weak markets, sometimes for years. The second is the lock-in clock: once the company does list, shares you bought pre-IPO are typically locked in for six months from the listing date under SEBI's rules.
Combine the two and a realistic holding horizon is two to four years, not two quarters. Capital you may need sooner belongs elsewhere. This is also why position sizing matters more here than in listed equities — an illiquid holding you were forced to hold was not a strategy, it was an accident.
- A DRHP filing is a milestone, not a promise — listings slip and windows close.
- Plan around the 6-month post-listing lock-in before you buy, not after.
- Size positions so that a multi-year wait is comfortable, not catastrophic.
How pre-IPO differs from applying in the IPO itself
Applying in an IPO gives you allotment uncertainty (oversubscribed retail books routinely allot a fraction of applicants) but a known price band and immediate liquidity on listing. Buying pre-IPO gives you certainty of quantity — you own the shares the moment they hit your demat — but an individually negotiated price and no liquidity guarantee.
Neither route is inherently better; they express different views. The IPO route is a bet on listing-day sentiment. The pre-IPO route is a bet on the business itself, held through whatever the listing brings. The calculator below lets you compare the two mechanics side by side with your own assumptions.
Frequently asked questions
What are pre-IPO shares?
Pre-IPO shares are equity in a private company that has not yet listed on a stock exchange — often companies that have filed their DRHP or are preparing to. You buy them in the unlisted secondary market.
How do the shares reach me?
After payment clears and KYC is complete, Polemarch initiates an off-market transfer via DIS. Shares are credited directly to your CDSL/NSDL demat account — typically within T+2 working days. No pool accounts.
What is the minimum investment?
You can start from as little as ₹10,000, subject to the minimum lot for each share. A flat 2% platform fee is shown before you pay.
Are there risks?
Yes. Unlisted and pre-IPO shares are illiquid, prices can move sharply, and the IPO timeline is uncertain. There are no assured returns. Read the disclosures on each share page and invest only what suits your risk profile.
Is there a lock-in after the company lists?
Pre-IPO allocations typically carry a 6-month lock-in post-listing per SEBI norms. The specifics are noted on each opportunity.
Does a DRHP filing mean the IPO is confirmed?
No. A DRHP is a draft prospectus filed with SEBI for review — companies routinely delay, refile or withdraw depending on market conditions. Treat a filing as a research document and a signal of intent, not a guaranteed listing date.
How is buying pre-IPO different from applying in the IPO?
In an IPO you apply at the price band and may receive a partial allotment or none at all in an oversubscribed book. Pre-IPO, you buy a known quantity at a negotiated price before the issue opens — but you accept illiquidity until (and a lock-in after) listing.
What happens to my pre-IPO shares if the company never lists?
You remain a shareholder of a private company. You can hold for dividends or a future event, or sell in the unlisted secondary market — Polemarch also runs a sell-side desk for that. There is no assurance of an exit price or timeline.
How do I evaluate a pre-IPO company before buying?
Start with the DRHP if one is filed — audited financials, risk factors and shareholding are all in it. Compare the implied valuation against listed peers using scale-invariant ratios, and check the disclosures and research note on the Polemarch share page.
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Unlisted securities carry risk. No assured returns.