Ananya Deshpande
Head of Research, Unlisted Key
Where the pipeline stands
ReportedOf the twenty-six companies on the Unlisted Key coverage list, four have filed a draft red herring prospectus, one has filed a red herring prospectus, and one has received regulatory approval for its issue. The remaining twenty are either at the pre-IPO stage with no filing made, or unlisted with no announced intention to list.
A filing establishes that a company has begun the formal process. It does not establish a date. Two of the four draft filings in this cohort have already been live for more than six months without a price band, which is within the permitted window but longer than the median for comparable issues.
Why timing slips
ReportedDraft prospectuses lapse if the issue is not launched within the validity period, and companies routinely refile. Market conditions, regulatory queries and auditor sign-off on restated accounts are the three most common causes of delay in this set.
Our reading
Our viewIn our view the approved issue is the only one in this cohort where a holder can reasonably plan around a listing in the next two quarters. For the draft filings we would treat the timeline as open-ended. This is an opinion about probability, not a forecast, and we may be wrong about any individual name.
Holders whose reason for owning a pre-IPO share is the listing itself, rather than the business, should be clear with themselves that the listing is the part of the thesis they control least.
Sources
- Regulatory filingsDraft and red-herring prospectuses filed between March 2025 and August 2026.
- Company disclosuresBoard resolutions and shareholder notices as filed with the registrar.
This note is published for information only. It is not investment advice, not a recommendation, and not a solicitation to buy or sell any security. Figures were current at the date of publication and are not updated afterwards.