More companies are confidentially filing DRHPs as they prefer gauging investor interest and market conditions before going all in with their IPOs
A growing number of companies are preferring to remain confidential about their businesses while filing draft red herring prospectus (DRHP) to go public on Indian stock exchanges. The Securities and Exchange Board of India (Sebi) had given companies the option to remain confidential while seeking its approval for IPOs almost 3 years ago, but companies had been slow to adopt it. However, in the past few months, particularly in May and June, there has been a significant increase in such filings.
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