The pre-IPO secondary market explained
The private secondary market covers all transactions in which shares of unlisted companies change hands away from a stock exchange. It is the primary channel for pre-IPO exposure.
Sellers are typically employees holding vested shares (exercised options), former investors seeking liquidity, or funds reaching the end of their life. Buyers are qualified investors, family offices and dedicated vehicles.
Transactions take several forms: direct share transfer, SPV structures pooling several investors, or forward contracts. Each structure carries its own implications for rights, fees and taxation.
Valuation references the latest known primary round, sometimes at a discount or premium depending on demand and scarcity. These prices are indicative: they do not imply an IPO or any future exit price.
Liquidity remains limited and uncertain. A position can stay locked for years, and access depends on the availability of sellers and the company's consent. The risk of total loss is real.
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.