A new IPO playbook: Why firms are turning to confidential filings in India

With up to 18 months to go public after Sebi's approval, companies can time their listings to align with favourable market conditions, avoiding the pitfalls of premature exposure

Tata Capital, Imagine Marketing (the parent company of consumer devices maker boAt), PhysicsWallah, and Indira IVF (which later withdrew) recently pursued confidential initial public offering (IPO) filings, inspired by the success of Swiggy and Vishal Mega Mart. Though the Securities and Exchange Board of India (Sebi) introduced this pre-filing option three years ago, it initially gained little traction. From December 2022 to January 2025, only four companies chose this route. However, since February 2025, four more have followed, with market insiders hinting at more to come.

 

Though the traditional IPO process is quicker and simpler, volatile markets, strategic flexibility, and