When a stock is not listed how the broker does executes order for preferred customers as for grey market?

The process of buying or selling shares in the grey market is not monitored by stock exchange.The contract is entered into before the date of listing.There are two possible ways by which contract can be executed:The shares are sold to the client by the broker on the date of listing thereby adjusting profit or loss.Though there exist the another way too which is of transferring shares from one account to another, but due to several glitches, it is not considered

CAN I TRANSFER ALLOTTED SHARE (PARTLY) TO ANY DMAT A/C BEFORE LISTING DAY ?

if the stock are not listed on the stock exchange then broker will pay the fix amt n wait for listing or transfer the stock to his account & pay the entire money to his pre. clients...............all comes to the cost for broker for getting minor difference................
Riskly but fair play.............

There is no orders executed by brokers, actually what happens for example u apply 1000 shares of a "X" company at cap price at Rs.60, now what the buyer of grey market will do, he will make a oral contract with you that what ever the quantity you will get through IPO I will purchase it at Rs.75(60+15)from you, this Rs. 15 will be the premium of that stock in grey market, and finally after the allotment of the shares, according to oral you will transfer the share offline to the buyer's account and he will give you the cash i.e (number of quantity you have got*75)