How do pre-IPO investors usually recover their investment?

The typical route is to sell shares in the market after the mandatory holding period ends following listing, and another is to take part in the sale of existing shares, in which current shareholders sell their shares alongside the IPO offering.

According to the Financial Supervisory Service, sales of existing shares accounted for 39.6% of the amount raised in 2016 IPOs, including sales of stakes by largest shareholders and financial investors and disposals of treasury shares. Other routes include selling a stake in a merger or acquisition and demanding redemption under the investment agreement, but if the listing is delayed or falls through, you may not be able to recover your investment when planned.