Pre-IPO shares, also known as unlisted shares, are the equity shares of companies that are not listed on any recognized stock exchange like NSE or BSE. These shares are privately held and are usually offered to institutional investors, high-net-worth individuals (HNIs), and more recently, to retail investors through regulated platforms. https://www.rrfinance.com/unlisted-Shares/Pre-IPO-Unlisted-Shares.aspx