A stock market listing (IPO) means a limited company makes its shares available for public trading on an exchange or marketplace. The company then moves from being unlisted to listed.
Ahead of a listing there are high demands on order in the ownership — a correct shareholder register and cap table are crucial. Most of NVR's customers are unlisted companies where the share ledger is kept by the company itself.

A listed company is a public limited company whose shares are admitted to trading on a regulated market.
Read more
Unlisted shares are shares in companies that are not listed on a stock exchange or trading venue.
Read more
A shareholder register is a record of all the shareholders in a company and their holdings.
Read more
A cap table is an overview of how ownership in a company is distributed among its shareholders.
Read more