Pre-IPO glossary
The most useful terms for understanding pre-IPO investing and the private secondary market.
- Pre-IPO
- Acquiring shares in a company that is still private, before its public listing.
- IPO (initial public offering)
- A company's first sale of shares to the public on a regulated market.
- Secondary market
- Trading of shares in unlisted companies between investors, away from a stock exchange.
- Qualified investor
- An investor meeting the Swiss legal criteria (FinSA) for access to private investments.
- SPV (special purpose vehicle)
- A dedicated structure pooling several investors to hold a stake collectively.
- Valuation
- An estimate of a company's value, often set at its latest funding round.
- Funding round
- A capital raise by the company (seed, Series A, B, C…) that sets its valuation.
- Dilution
- The decrease in an investor's ownership percentage when new shares are issued.
- Lock-up
- A period during which shares cannot be resold, notably after an IPO.
- Tender offer
- An organized buyback of existing shareholders' shares at a set price, often company-led.
- Discount
- The gap between the price paid on the secondary market and the latest primary valuation.
- Due diligence
- Thorough review of an opportunity (legal, financial) before any commitment.
Pre-IPO is an information and matching service intended exclusively for qualified investors under Swiss law (FinSA / FinIA). The information presented is provided for guidance purposes only and constitutes neither an offer, a solicitation, investment advice, nor a prospectus. No security is offered or sold through this site.