How to evaluate a listing
Use this page as a checklist before buying a listing position, unlocking protected data, or submitting an offer.
1. Start with the public listing
Public data is free.
Review:
- Product description.
- MRR or ARR summary.
- Growth direction.
- Tech stack.
- Verification status.
- Market price.
- Available reserve.
- Participant count and trading history.
This should be enough to decide whether the listing deserves deeper review.
2. Decide your role
There are two common paths:
| Role | Goal |
|---|---|
| Buyer | Evaluate whether to acquire the software. |
| Market participant | Buy or sell a listing position around the acquisition outcome. |
If you want to acquire the software, use the buyer path.
If you only want market exposure to the listing outcome, use the market participant path.
3. Review protected data if needed
Protected data opens after:
- 1% listing position.
- Signed NDA.
- Identity verification inside the NDA flow.
Protected data can include:
- Customer count.
- Churn and cohort summaries.
- Revenue breakdown.
- Infrastructure costs.
- Support burden.
- Key-person dependency.
- Developer updates and historical analytics.
4. Check the buyer path
A buyer can submit an offer after:
- 2% listing position.
- Protected data access.
- Signed term sheet.
The platform checks the position threshold and discovery window before the listing enters the acquisition path.
5. Review DD scope
DD usually covers:
- Financial records.
- Customer and cohort details.
- Support load.
- Infrastructure and deployment context.
- Legal and contract records.
- Handover preparation.
Source code access starts after closing during handover, not during DD.
6. Check money and risk before acting
Before taking action, review:
- Current listing state.
- Market price and price impact.
- Available reserve.
- Expiry timer.
- Whether an offer, DD path, or closing process is active.
- The terms that apply to your role.
See What happens to my money, Fees, and Safety and risks.