Selling windows give your company a structured way to run a secondary share sale. You decide when the window opens, who can participate, which shares are eligible, the sale price, any limits, and who will buy the shares.
Eligible stakeholders register their interest directly in Ledgy. You can then review each request, accept or reject it, and continue through Ledgy’s existing share transfer, document, and signing workflows.
Who can manage selling windows: You need permission to manage ownership, and Selling Windows must be enabled for your company.
Important: Selling windows currently support shares only. Options and phantom shares are not yet supported.
When should I use a selling window?
Selling windows are useful when you want to:
Run a company share buyback — Let selected shareholders offer shares for sale to your company’s treasury.
Organise a secondary sale — Collect selling interest for a selected buyer, such as an investor or another stakeholder.
Offer periodic liquidity — Open a time-limited window annually, quarterly, or for a one-off liquidity event.
Control participation — Limit the window to selected stakeholders, share classes, or equity plans.
Set consistent limits — Define a minimum or maximum in shares, a percentage, or your company’s base currency.
Keep an audit trail — Manage requests, resulting transfers, documents, and signatures in one workflow.
How to create a selling window
Step 1: Open Selling Windows
Go to Equity events in the left-hand menu.
Select Selling Windows.
Click Add selling window.
Step 2: Add the general details
Enter:
Window name — Use a clear name stakeholders will recognise, such as “Summer 2026 liquidity window”.
Opening date — The first date on which stakeholders can register interest.
Closing date — The final date on which stakeholders can register interest.
Step 3: Choose the eligible stakeholders
In Eligible stakeholders, select the people who can participate.
Leave the field empty to include all stakeholders who meet the window’s equity criteria.
Select specific stakeholders or stakeholder groups to limit participation.
Turn on Notify on open via email if you want Ledgy to email eligible stakeholders when the window opens.
Step 4: Choose the eligible equity and buyer
Select:
Share class — Choose one or more eligible share classes.
Plan — Optionally include stock held through selected equity plans. If you leave this empty, the window includes eligible stock in the selected share classes that is not held in an equity plan.
Sale document template — Optionally select templates to generate documents when requests are accepted. If a selected template includes signatories, Ledgy can request the seller’s signature.
Default buyer — Select who will receive the shares. Your company’s treasury is selected by default.
Important: Share classes with a custom conversion ratio or hurdle price are not supported. Plans containing grants with a hurdle price are also not supported.
Step 5: Set the liquidity terms
Enter:
Price per unit — The price stakeholders will see for each share.
Effective vesting date — Optionally choose the cut-off date Ledgy should use to calculate vested stock. If you leave this blank, Ledgy uses the vested amount available when you assess each request.
To control how much each stakeholder can request to sell, turn on Set limits for window. You can set:
A minimum.
A maximum.
Both a minimum and a maximum.
Limits can be entered as:
Your company’s base currency.
A number of shares.
A percentage of eligible shares.
Limits apply to each stakeholder across the whole window, even if they register interest in more than one eligible share class.
Step 6: Review and create the window
Review the Window summary.
Confirm that your organisation may buy back its own shares and that compliance is your responsibility.
Click Create window.
The window will appear in the Selling Windows list as Upcoming, Open, or Closed, based on its dates.
What do stakeholders see?
When the window is open, an eligible stakeholder can open Sell shares from their dashboard or left-hand menu. They can:
Select the open selling window.
Enter how many eligible shares they are interested in selling from each share class.
Review the price, limits, and estimated proceeds.
Submit their request for your review.
Submitting a request registers the stakeholder’s interest; it does not complete the sale automatically.
A stakeholder can register once per window. Before you begin processing the request, they can cancel it and submit a new one. If you reject a request while the window is still open, they can also submit a new request.
How to review selling requests
Go to Equity events > Selling Windows.
Find the window.
Open the row menu and select View requests.
The requests table shows each stakeholder, share class, request date, number of shares, share price, gross proceeds, and current status.
You can process requests individually or in bulk.
Review an individual request
Click Accept beside the request.
Review the share transfer details, including the seller, buyer, date, number of shares, price, and any documents or signatures.
Select Accept request.
You can also reject the request if it should not proceed.
Review requests in bulk
Select multiple requests with the status Requested.
Choose Accept, Reject, or Edit share price.
Review and confirm the action.
When you bulk accept requests, Ledgy keeps each request’s current amount and price and uses one settlement date for the batch. Any document generation and signature steps follow the selling window’s configuration.
Once accepted, the request continues through the standard share transfer workflow. If signatures are required, the seller receives a signature request before the process is completed.
How to edit a selling window
Go to Equity events > Selling Windows.
Open the row menu beside the window.
Select Edit.
Make your changes and click Save changes.
Important: Once a stakeholder has an active request that has not been cancelled or rejected:
You can widen the eligible stakeholder, share class, or plan selection, but you cannot narrow it.
You cannot change the effective vesting date.
Changing the window’s price per unit does not update requests that stakeholders have already submitted.
Frequently asked questions
Why can a stakeholder see a selling window but not participate?
Why can a stakeholder see a selling window but not participate?
The stakeholder does not meet all of the window’s eligibility rules. Check the selected stakeholders, share classes, plans, available shares, and any applicable vesting cut-off.
Does submitting interest transfer the shares immediately?
Does submitting interest transfer the shares immediately?
No. The request waits for an admin to review it. Shares move only after the request is accepted and the resulting workflow is completed.
Can I use one selling window for several share classes?
Can I use one selling window for several share classes?
Yes. You can select several supported share classes. Any minimum or maximum applies to the stakeholder’s combined request across the window.
Can I change the price after the window opens?
Can I change the price after the window opens?
Yes, but changing the window price does not update existing requests. Review those requests separately or use the bulk Edit share price action where appropriate.
Can I add documents and signatures?
Can I add documents and signatures?
Yes. Add one or more sale document templates when creating the window. If a template includes signatories, Ledgy can request the seller’s signature when you accept the request.
Can I include options or phantom shares?
Can I include options or phantom shares?
Not yet. The current version supports shares only.