What are the main risks of pre-IPO investment?

The listing may be delayed beyond plan or fall through entirely, and unlisted shares are hard to buy and sell, so you may not be able to cash out when you want.

Unlike listed companies, disclosure such as audited financial information is limited, which also makes it hard to value the company objectively. You should therefore thoroughly check the substance of the target company, the investment structure and how you will recover your investment.