Confidential IPO filings gain traction

An analysis by Prime Database showed that the number of confidential filings rose sharply from 29 out of 260 IPO filings in 2025 (11.15 per cent) to 15 out of 66 filings in 2026 till May 19 (22.73 per cent). In comparison, only two out of 157 IPO filings in 2024 had opted for the confidential route.

Issues filed through the confidential route accounted for an estimated ₹87,256 crore out of the total IPO pipeline of ₹3.97 lakh crore in 2025, or around 22%. In 2026, the share increased further to 27.45%, with confidential filings amounting to ₹38,716 crore out of the total ₹1.41 lakh crore IPO pipeline as of May 19.

Since 2024, 46 companies have filed confidentially for IPOs. Of these, eight companies have already listed, including Swiggy, PhysicsWallah, Tata Capital, Billionbrains Garage Ventures and Meesho. Sixteen companies are awaiting regulatory approval for their IPOs, while 20 currently hold a valid approval to launch their public issues. Two companies have withdrawn their offer documents.

Strategic Steels

Market participants said the growing preference for confidential filings stems largely from the strategic advantages the route offers during uncertain market conditions.

Gaurav Bhandari, CEO, Monarch Networth Capital, said companies are increasingly choosing the confidential IPO route because it provides greater flexibility in a volatile environment. According to him, the mechanism allows firms to remain IPO-ready without immediately disclosing financials, valuation expectations or business strategies to competitors and the broader market.

He added that ongoing uncertainty around global markets, including geopolitical tensions in West Asia, currency volatility and risk-off sentiment, is likely to further accelerate adoption of the route as companies prefer to keep the process active in the background while waiting for more stable market conditions. He noted that confidential filing should not be viewed negatively by investors, but rather as a sign of more disciplined capital market planning focused on readiness, optionality and timing.

18-Month Cushion

Uday Patil, Executive Director, PL Capital, said confidential filings help companies protect sensitive business information and reduce reputational risks in case IPO plans are delayed or withdrawn. He added that the route offers a longer validity period for launching IPOs — 18 months compared to 12 months under the regular filing process — enabling companies to privately assess regulatory and investor feedback.

Patil also noted that confidential filing aligns with established IPO practices in markets such as United States and Canada.

Ratiraj Tibrewal, CEO, Choice Capital, said the confidential IPO filing route is expected to gain further traction amid the ongoing West Asia conflict and elevated market uncertainty, particularly among technology and new-age companies that are more sensitive to geopolitical developments and investor sentiment.

He added that while traditional industrial companies may continue to prefer public filings to build investor visibility ahead of IPO launches, companies operating in more volatile sectors are increasingly opting for confidential filings because of the flexibility and privacy they offer.

Pranav Haldea, Managing Director, Prime Database Group, said volatility in the secondary market often spills over into the primary market, limiting visibility on IPO launch timelines. As a result, companies — especially new-age businesses with unique business models — prefer confidential filings as they allow company data to remain private for a longer period.