mumbai, April 13 -- Companies in India are increasingly pursuing a dual-track strategy of preparing for an initial public offering (IPO) and simultaneously exploring private sales, as stock market volatility affects both timing and valuations, prompting them to keep a backup plan. More than 10 active IPO mandates have transitioned to this dual-track model, especially for deals in the range of Rs.500-Rs.2,000 crore, in the past month, according to investment bankers and deal advisors familiar with the matter. While the trend is becoming become more visible, intermediaries Mint spoke to declined to name any companies, citing dealmaking competition and confidentiality agreements governing the mandate shifts. "I am seeing IPOs with new liquidity worth anywhere between Rs.500 crore to Rs.2,000 crore, turn into dual tracks over the last 30 days," a deal advisor working with IPO-bound companies told Mint on the condition of anonymity. This shift follows a cooling investor appetite amid global uncertainty, which has slowed listing activity. As a result, companies have now begun seeking alternative routes to provide liquidity to shareholders and founders. "The current environment is not conducive for launching IPOs," said Samir Bahl, chief executive of investment banking at Anand Rathi Advisors. "The primary reason for volume of IPOs was access to growth capital and to facilitate exits for financial sponsors. Those objectives are now being explored through alternative strategies including private credit, private equity and secondary transactions." So far in 2026, several IPOs have hit the market despite a broader slowdown in primary activity. In 2025, there were 103 mainboard companies that raised over Rs.1.75 trillion through IPOs, surpassing the previous record set in 2024....