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Investing in secondary stocks - How it works

On this page, we tell you how to invest in unlisted stocks. We'll tell you about the benefits and risks, and how to get started with your investments on our platform. Further down, you'll also find a list of secondaries we trade in.

What are unlisted shares?

Unlisted shares are shares in companies that are not listed on a public stock exchange, such as The Stockholm Stock Exchange or Nasdaq. These shares are bought and sold through platforms like Eqvor, which connect buyers and sellers in a secure and controlled way. 

Buying unlisted shares

By selling and buying unlisted shares through our platform, you can invest in new and exciting companies that are not yet listed. We also provide you with a convenient overview of unlisted shares with price history and real-time prices. 

Unlisted shares range from smaller companies and start-ups to larger global companies such as Klarna. 

OTC-List

Company

Latest trade

a3p biomedical logo A3P Biomedical
Billogram
Biocrine
Blykalla
byWiT
Candela
Cascade Drives
CDLP
Dirac Research
Doktor.se
Einride
Epidemic Sound
Estrid
twitter x logo Exeger
GreenGold Group
kaunis iron logo Kaunis Iron
klarna logo Klarna
Koenigsegg Automotive
marshall logo Marshall Group
MEDS Pharmacy
Mentimeter
Mindler
Mynt
Nicoya
Quartr
Röko
Sana Labs
Sigrid therapeutics
Svea Solar
Virtune
Voi
Xshore
yabie logo Yabie

Unlisted shares are safe to trade

Unlisted shares do not mean that they are in any way inferior or less safe to trade than listed shares. An IPO is expensive and requires, marketing costs, audit costs and fees, among other things, to stock exchanges and banks.

There is also the risk of hostile takeovers, and a loss of confidentiality as the company usually has to share business plans and strategies with investors, which in turn is information that can be used by competitors. 

In summary, there are many reasons why a company has not listed its shares on a stock exchange.

Why invest in unlisted shares?

Below we outline some of the reasons why some investors choose to complement their listed investments with investments in private equity. 

There is an opportunity to get high returns

Many unlisted shares have a volatile price, i.e. a price that fluctuates a lot up and down compared to listed shares.

But there are also unlisted shares that have a more stable value over time compared to shares of listed companies, mainly because trading in unlisted shares is generally not so frequent, which means that news that would have caused the stock market to fluctuate sharply does not affect them as much.

You should also bear in mind that historical returns do not guarantee future returns, and that you should never invest money that you cannot afford to lose. 

You can buy in early

Listed companies are usually large or very large, so the opportunity to buy in early is rarely available when buying shares on the Stockholm Stock Exchange or Nasdaq, for example. The fact that you can get in early is an advantage of investing in unlisted shares. 

You diversify your investment portfolio

Buying private equity is a good way to diversify your portfolio. For example, complementing investments in funds and listed shares with a riskier investment, such as an investment in private equity, is a common practice among people and companies with larger capital.

Risks of trading in unlisted shares

Buying unlisted shares also has some disadvantages, which we'll explain here. 

You take a higher risk

Buying unlisted shares means that in some cases you get shares with a more volatile price compared to shares in listed companies. As we said earlier, unlisted shares are generally a high-risk investment. Read our article with tips for how to invest in startups. 

Lower liquidity

Unlisted shares have a lower liquidity than shares in listed companies. This means that it is often more difficult to buy and sell shares in unlisted companies as they are traded by a smaller group of people. For investors in unlisted shares, this means that you cannot count on selling the shares whenever you want.

Less information

Companies with unlisted shares are not legally required to regularly release information to the public. This means that it is more difficult to obtain information about how unlisted companies are doing compared to companies that are listed. Even though these companies are not legally required to do so, many still choose to openly report how the company is doing to keep their investors happy.

Tax rules for unlisted shares

The tax rules for unlisted shares differ depending on whether you own them as an individual or a company, and special rules also apply to the taxation of dividends. Below we review all the tax rules that apply to unlisted shares. Please note that the information published here is not tax advice and you should always consult a tax advisor when deciding how or where to hold unlisted shares and what applies in your particular case. This information is intended to provide general information on how this can be done.

Tax rules for individuals

Individuals pay a tax rate on profits of 25 % on both the distribution of unquoted shares and the sale of unquoted shares. One way to reduce the tax burden is to buy unlisted shares and put them in an endowment policy. 

If you invest your unquoted shares in an endowment policy, instead of paying a tax on profits of 25 %, you will have to pay a flat-rate tax, which is usually around 1 % per year. However, there may be additional charges to the insurance company providing the policy.

To hold unlisted shares in an endowment policy, the shares must be unqualified. You have unqualified shares if:

  • You are a passive shareholder who is not involved in the company's activities.
  • You are not related to anyone involved in the company's activities.
  • You have not been active in the company for more than 5 years if you have ever been involved in it. 

Tax rules for companies

The tax rules for companies are that both the tax on dividends and the tax on profits are 0 % as long as the money remains in the company. It is therefore not necessary for companies to hold their shares in an endowment policy. Instead, the company pays a profit tax on any profit it makes on these shares and its activities.

The tax when you withdraw the money from the company, such as salary or dividends, is the same as normal payroll and dividend tax.

How to store unlisted shares?

If the company you own shares in is connected to Euroclear, you can hold the shares in an endowment insurance policy or a regular share depository, but not in an ISK (investment savings account). Euroclear is a central securities depository that digitizes the company's share register and allows investors to hold the shares in a regular depository. The company then does not need to spend time manually updating the share register.

If you invest in unlisted shares through a company, such as a holding company, it is common to hold the shares in a share depository. However, if you are investing as an individual, some people choose to hold their shares in an endowment policy to avoid paying capital gains tax and instead pay a flat-rate tax per share. 

If you buy and sell unlisted shares through us at Eqvor, we make sure that everything is handled correctly, such as that the shares are transferred to the right custody account or that the management updates the share register correctly.

How does it work to sell unlisted shares?

There are two common ways to sell unlisted shares. The first is to contact the company's management to see if they want to buy the shares themselves, or know someone else who is likely to want to buy the shares. 

Another way is to go through us, Eqvor. We can usually find a good counterparty for your order thanks to the large network of investors we have. In the first instance, we recommend that you create an account on our platform. There you can put your shares up for sale, this can be done even with companies that we do not trade today. We will review the company you want to sell and get back to you with questions and a proposal. It is also possible to send an email to us at [email protected]and we will help you find a buyer for your unlisted shares.

How does investing in unlisted companies work?

To invest in unlisted companies, it is most convenient to contact a broker specializing in trading in unlisted shares, like us at Eqvor. With us, you can also place an order easily and digitally directly on the site, first you only need to create an account. We can also help with any new issues. 

Another option is to contact people selling the stock you want to invest in yourself, but this can be difficult if you have limited time or networks.

Create an account to invest in unlisted shares.

Frequently asked questions & answers

01

What is the difference between unlisted and listed shares?

Listed shares are shares that are listed on a public stock exchange such as the Stockholm Stock Exchange or Nasdaq. Listed shares are easier to trade as there are standardized buying and selling processes, but trading in unlisted shares is also safe and convenient.

02

What is the difference between private companies and public companies?

Private companies have a share register that they update themselves. They are usually owned by a small group of people and do not usually go public to attract shareholders. Public companies are more mature and more often raise capital from the public. Taking your company public is also a first step towards a listing.

03

How is the market value of unlisted shares determined?

The market value of unlisted shares is determined by factors such as financial status such as own assets, expected earnings and comparative valuations with other similar companies. It can also be said that the market determines the market value, that is, what someone is willing to pay for your shares, or what the last new share issue was made at for share valuation.

04

Can I hold unlisted shares in my ISK account?

No, as the rules stand today, you cannot transfer unlisted shares to an ISK account. There are forces that want you to be able to keep unlisted shares in your ISK account, such as Företagarna, but today there is no such possibility.

05

Can I move my unlisted shares to Avanza?

Yes, you can move your shares to Avanza provided that you move them to a share depository, and provided that the company is a record company, that is, a public company. The majority of the companies you can trade with on Eqvor are public and can be held at, for example, Avanza, Nordnet or any other bank of your choice.

06

What is endowment insurance for unlisted shares?

An endowment policy for unlisted shares means that you own your shares through an insurance policy. By investing unlisted shares in an endowment policy as an individual, you benefit from both low taxes and reduced administration. Formally, it is the insurance company that owns the unlisted shares, while you as the "real" owner are the beneficiary. On paper, the insurance company is the owner, but it is you who decides what happens to the shares, and it is you who receives the return from sales and the return from any dividends. Many providers of endowment insurance for unlisted shares also have systems in place that allow you to vote at general meetings.

07

Are unlisted shares and unqualified shares the same thing?

No, they are not the same thing. Unquoted shares are shares in companies that are not listed on a public stock exchange such as the Stockholm Stock Exchange. Unquoted shares are a tax rule that determines how much tax you pay on dividends and sales of shares. The rule of thumb says: If you are part of the company, you have qualified shares, but if you are not, you have unqualified shares.

Unlisted shares list

Company name/share sector Euroclear Public/Private
A3P BiomedicalHealth care, Biotechnology✓Audience
BillogramPayment solutions, transactionsprivate
BiocrineHealth care, Biotechnology, Pharmaceuticals✓Audience
BlykallaEnergy, Renewable energy sources, Alternative energy sources, Technology, Deep-Techprivate
byWiTFinance, Investment companies✓Audience
CandelaTechnology, Shippingprivate
Cascade DrivesIndustry, Components & tools, Technology, Hardware✓Audience
CDLPConsumer goods & services, E-commerce, Clothing & accessoriesprivate
Dirac ResearchTechnology, Software✓Audience
Doktor.seHealth care, Health care services, Health care facilities, Health care✓Audience
EinrideTechnology, AI, Industry, Transport & Logisticsprivate
Epidemic SoundTechnology, Digital servicesprivate
EstridConsumer goods & servicesprivate
ExegerEnergy, Renewable energy sources, Technology✓Audience
GreenGold GroupRaw materials, Forest & pulp industry✓Audience
Kaunis IronRaw materials, Base metals, Metals & mining✓Audience
KlarnaFinance, Banking, Payment solutions & transactions, Consumer credit, Savings & investment, Technology✓Audience
Koenigsegg AutomotiveCar manufacturers, Automotive industryprivate
Marshall GroupConsumer goods & services, Consumer electronics✓Audience
MEDS PharmacyHealthcare, Pharmaceuticals, Health & Care, Consumer Goods & Services, E-commerce✓Audience
MentimeterTechnology, SaaS provider, Software, Digital servicesprivate
MindlerHealth services, Technologyprivate
MyntFinance, Financial services, Technologyprivate
NicoyaFinance, Investment companies✓Audience
QuartrFinance, Technologyprivate
RökoInvestment Companiesprivate
Sana LabsTechnology, AI, SaaS providerprivate
Sigrid TherapeuticsHealth care, Biotechnology, Pharmaceuticals✓private
Svea SolarAlternative energy sources, Renewable energy sources, Energyprivate
VirtuneFinance, Cryptocurrencies & platformsAudience
VoiTechnologyprivate
XshoreShipping, Technology✓Audience
YabieFinance, Payment solutions & transactions✓Audience

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