A pre-initial public offering (IPO) placement is a late stage for a private company to raise funds in advance of its listing on a public exchange (NSE, BSE, or MSEI). In an offering of shares in a company before its initial public offering (IPO), the buyers in a pre-IPO placement usually get a discount from the price stated in the perspective for the IPO. The only limitation in dealing in Pre-IPO shares is that there is a lock-in period of 6 months, which was one year from the date of listing earlier.