Amid a sluggish IPO market, private companies and their venture capital backers are increasingly turning to the secondary market as an alternative for raising capital. This shift is driven by the need for liquidity in a market where traditional IPOs are delayed due to heavy volatility. In India, a notable trend has emerged where companies are opting for confidential pre-filing of IPOs. Over the past year, at least seven issuers, including Vishal Mega Mart and PhysicsWallah, have utilized this method, following the lead of Tata Play and Oyo. This approach, which was introduced by the Securities and Exchange Board of India in November 2022, allows companies to keep their commercially sensitive information confidential and provides flexibility in adjusting to market conditions. Simultaneously, the SPAC market has shown resilience despite the challenges facing traditional IPOs. Thirteen new special purpose acquisition companies have filed to go public this month, indicating a steady pace of activity in this alternative market. The secondary market has seen an influx of $7 billion in dedicated funds, while unicorn valuations stand at approximately $3 trillion.