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How an indicative unlisted price is actually set

There is no order book behind an unlisted price. Here is what the number on a company page represents, and what it does not.

Meera Iyer

Editor — Investor Education

30 Jul 20265 min read

Where the number comes from

Reported

An indicative price is an average of quotes collected from dealers who are willing to transact in that share. The number of quotes behind each price is shown on the company page alongside the date it was collected.

It is not an exchange price. There is no continuous matching, no guaranteed counterparty and no settlement guarantee behind it.

What it does not tell you

Reported

It does not tell you that stock is available at that price, or in the quantity you want. It does not tell you the spread you will actually pay. For thinly quoted names the gap between the indicative price and an executable price can be wide.

This is why every enquiry on Unlisted Key is confirmed on both price and availability before anything is settled.

Sources

  • Unlisted Key pricing policyInternal methodology note, version 4, July 2026.

This note is published for information only. It is not investment advice, not a recommendation, and not a solicitation to buy or sell any security. Figures were current at the date of publication and are not updated afterwards.