How unlisted share prices are set, and why dealers differ
Reviewed by GrowFast's desk. General information, not advice.
The short answer
An unlisted share has no market price, because it is not traded on an exchange. Each price you see is one dealer's indication of what it would deal at. It becomes real only when a dealer confirms a price and a quantity to you.
Why there is no single price
On a stock exchange, thousands of orders meet in one place and produce one price. Unlisted shares change hands privately, one deal at a time, and those deals are not published. So two dealers can quote different prices for the same share on the same day, and both can be honest.
What moves a price
- The company's results: sales, profit and debt in its latest accounts.
- Funding rounds and the valuation investors paid in them.
- IPO news: a filing, a delay, or a withdrawal.
- Supply: how many shares holders such as employees and early investors are willing to sell.
- Prices of listed companies in the same business.
Indicative price, confirmed price
- An indicative price is a guide. It is not an offer and can change without notice.
- The price for a deal is the one confirmed to you, for a stated quantity, on the day.
- Small lots and very large lots can both be priced differently from the indication.
How to judge a price
- Compare it with earnings and book value per share from the company's accounts.
- Compare those ratios with listed companies in the same business.
- Ask more than one dealer.
- Remember the fair-value rules: buying well below, or selling well below, fair market value can have tax consequences.
Questions people ask
Is the price on GrowFast's list the price I will pay?
It is an indicative price per share. The desk confirms the price and the quantity available when you inquire.
Why does a price say "on request"?
No indicative price is published for that share at the moment. Ask the desk for a quote.
Sources
- SEBI press release 32/2026 of 17 June 2026, on transactions in unlisted securities on platforms (as circulated by NSDL)
- Income-tax Act, 2025, section 92: shares received for less than fair market value
This guide is general information as the rules stood on 9 Oct 2026. Rules and tax rates change. It is not investment, legal or tax advice; check the sources and take professional advice before you act. See the Terms and Conditions.