What is an unlisted share?
When people talk about shares, they usually refer to shares listed on major regulated exchanges, such as the Helsinki Stock Exchange or Dow Jones. There are also shares that are not listed on any exchange, and these are typically called unlisted shares. For example, it is common for smaller companies not to be listed, but there are also large companies that remain unlisted.
An unlisted share can, just like a listed share, be a so-called common share or a preference share. Common shares are ordinary shares, while preference shares have special conditions attached to them, such as priority for dividends or a predetermined time when the preference share is bought back by the company, known as special redemption.
You can explore traded companies directly on Accumeo.
An unlisted share can be either a common share or a preference share — just like listed shares. Preference shares come with special conditions such as dividend priority.
What is the difference between listed and unlisted shares?
Listed shares are traded on a regulated marketplace and are therefore generally easier to trade compared to unlisted shares. Unlike unlisted companies, listed companies have undergone an extensive review process to be admitted to the exchange.
Unlisted vs listed shares: a quick comparison
The biggest difference between unlisted and listed shares comes down to where they trade, how quickly you can buy and sell, and how much insight you have into the company. The table below summarizes the key differences.
| Unlisted shares | Listed shares | |
|---|---|---|
| Marketplace | Private, via a platform or broker (e.g. Accumeo) | Regulated exchange (Nasdaq, OMX) |
| Liquidity | Low – can take days to months to trade | High – buy and sell instantly during market hours |
| Pricing | Latest transaction or funding round | Set in real time by the market |
| Disclosure & reporting | Annual report only (Bolagsverket) | Strict rules: quarterly reports and insider regulations |
| Risk & return | Higher risk, but higher potential return | Lower risk, more stable |
| Time horizon | Long, often 5–10 years | Flexible |
| Custody | Securities account or share register – not ISK | ISK, endowment insurance or securities account |
Who should invest in unlisted shares?
Unlisted shares are primarily suited for investors with a longer time horizon and higher risk tolerance. Those with an investment horizon of 5–10 years who see unlisted companies as a natural part of a diversified portfolio can benefit from this asset class.
This type of investment also suits those who want to understand companies in depth, follow their journey closely and contribute both capital and experience. Unlike exchange trading, unlisted investments often provide closer contact with the companies and their founders.
Finally, many investors seek exposure to growth that doesn't correlate with the stock market — and want to spread the risk in their portfolio. Unlisted shares can offer a diversification benefit as a complement to traditional listed holdings.
Unlisted shares are not suitable for investors who need quick liquidity or cannot handle the risk of losing their invested capital.
Risks of unlisted shares
Investments in unlisted companies carry high risk. There is nothing preventing you from trading unlisted shares, but it is important to understand the risks before investing.
- Illiquidity — Unlisted shares are not traded on an exchange. It can take weeks or months to find a buyer, and you may need to accept a lower price.
- Risk of capital loss — Many growth companies fail. You can lose your entire investment — never invest money you cannot afford to lose.
- Limited information — Unlisted companies have lower transparency and reporting requirements, making it harder to evaluate their true value.
- Long time horizon — These investments typically require 5–10 years of patience before you can realize returns through an IPO or acquisition.
You should always view unlisted investments as long-term and never invest money you cannot afford to lose.
New issues and ownership
Sometimes an unlisted company may want to raise new capital and/or change the ownership structure. In connection with this, more shares, existing and/or newly issued, may be offered for a limited period at a fixed price. In such cases, the company often prepares an information memorandum, sometimes in the form of a prospectus, describing the offer and the company.
Via Accumeo you can explore companies with active offerings and participate in new issues directly via the platform.
Buy unlisted shares
Buying unlisted shares means investing in companies before they reach the stock exchange. Unlike listed shares, the purchase takes place outside the regulated market, often via digital platforms like Accumeo, in new share issues, or through direct transactions between investors.
Before buying unlisted shares, you should evaluate the company carefully — review available financial reports, the company's business plan, ownership structure and market potential. Never invest more than you can afford to lose and remember that this is typically a long-term investment.
On Accumeo you can see all traded companies, compare key metrics and read about the companies' operations before investing.
How to buy unlisted shares via Accumeo
From registration to completed transaction, the entire process is digital:
- Create a free account with BankID. It takes about three minutes, and you answer a few questions so we can comply with applicable anti-money-laundering rules.
- Explore the companies on the platform, follow the market and add watchlists.
- Analyze the company you're interested in – review financial reports, business model, ownership and the latest valuation.
- Place a non-binding expression of interest with your desired amount and any conditions, so we can match you with a seller.
- Once a match is found, you sign the customer agreement with BankID. Accumeo handles payment and the transfer of ownership – a commission applies only if the deal closes (typically 1–3%).
Sell unlisted shares
Selling unlisted shares can be challenging as there is no centralized exchange with daily prices and constant liquidity. Via Accumeo, you can list your shares for sale and reach qualified buyers registered on the platform.
When selling unlisted shares, you set your own price. Accumeo matches you anonymously with potential buyers. The transaction is completed digitally with BankID signing and ownership transfer is handled seamlessly.
Tax rules for unlisted shares
Taxation of unlisted shares differs from listed securities. Profits from selling unlisted shares are taxed as capital income at 30 percent in Sweden. Unlisted shares cannot be held in an ISK (investment savings account) but are kept in a regular securities account or in the company's share register.
If you own qualified shares in a closely held company, the so-called 3:12 rules may apply, where part of the profit is taxed as employment income. Always consult a tax advisor or the Swedish Tax Agency for advice tailored to your situation.
Unlisted shares and endowment insurance
In some cases, unlisted shares can be held in an endowment insurance policy, depending on the provider's rules. The advantage is that you don't need to report individual gains and losses — instead, a flat-rate tax is paid. Check with your insurance provider whether unlisted shares are accepted.
