Accel- and Tiger Global-backed Infra.Market, a construction materials solutions firm, has filed for an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi) through the confidential filing route.

The company is looking to raise around ₹4,500–5,500 crore through a combination of a fresh issue of shares and an offer for sale (OFS) by existing shareholders, industry sources told Fortune India.

Recently, Infra.Market raised ₹730 crore in a Series G round of funding ahead of the proposed IPO at a valuation of ₹24,600 crore ($2.8 billion).

The filing has been made under Sebi’s confidential or “pre-filing” route, which allows companies to share draft offer documents privately with the regulator before making the DRHP public.

As per the sources, the company has appointed Kotak Mahindra Capital, Goldman Sachs, IIFL Capital, HSBC, Jefferies, ICICI Securities, and Motilal Oswal Financial Services as its merchant bankers. The company spokesperson declined to disclose any details or timing of the IPO.

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market is one of India’s fastest-growing building materials platforms, offering end-to-end solutions across the construction value chain. With a network of 250+ manufacturing units and strategic investments in RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad, the company also operates through 10,000+ retail touchpoints across India.

Infra.Market delivers 15+ product categories including concrete, walling solutions, steel, aggregates, pipes & fittings, MDF, plywood, laminates, tiles, paints, modular kitchens, designer hardware, electricals, appliances, and consumer durables, among others, ensuring reliability, scale, and quality across every stage of construction.

Last month, Walmart-owned digital payments and financial services major PhonePe also took the confidential pre-filing route to raise up to ₹12,000 crore via an IPO. In the first half of 2025, 12 new-age firms, including unicorns such as Meesho, Groww, boAt, and PhysicsWallah, opted for the confidential route in India. The list also includes Shiprocket, Aequs, Shadowfax Technologies, and Steamhouse India.