| Investment stage | Before the company has listed on an exchange | At the company's official public listing event |
| Availability | Limited to sellers with existing unlisted shares to sell | Open subscription window for all eligible applicants |
| Pricing | Negotiated, indicative, based on recent secondary transactions | Fixed price or price band set by the company and underwriters |
| Liquidity | Illiquid — depends on finding a buyer off-market | Liquid from listing day, tradable on the exchange |
| Risk | Higher — valuation, timeline, and exit risk combined | Lower liquidity risk, but allotment and listing-day price risk remain |
| Information availability | Limited to whatever the company has disclosed pre-listing | Full prospectus (RHP) and ongoing exchange disclosures |
| Lock-in considerations | Varies by transaction; post-listing lock-in may still apply | Standard SEBI lock-in rules for promoters/anchor investors apply |
| Listing | Not yet listed — no exchange ticker exists | Results directly in an exchange listing |
| How investors participate | Off-market purchase via demat DIS transfer from an existing holder | Exchange-managed application and allotment process (ASBA/UPI) |