Comprehensive IPO Advisory Suite
We advocate exclusively on behalf of business promoters. From forensic balance sheet clean-up and valuation benchmarking to syndicate selection, SEBI clearances, and post-listing institutional governance.
Master Capital Markets: The Complete IPO Basics & Promoter Guide
Detailed breakdown of DRHP vs RHP, Book Building price discovery, Fresh Issue vs OFS, 18-month preparation timeline, equity dilution modeling, and SEBI ICDR compliance norms.
SME IPO Advisory (NSE Emerge & BSE SME)
Designed specifically for mid-market founders with annual turnovers of ₹15 Cr to ₹150 Cr looking to raise ₹15 Cr to ₹80 Cr without conceding board control.
SME Listing Key Highlights
Mainboard Standards
Mainboard IPO Advisory (BSE & NSE)
For mature corporations targeting wide institutional participation from mutual funds, sovereign wealth funds, and domestic financial institutions.
FPO & Rights Issues (Follow-on Capital)
Already-listed public companies requiring secondary capital expansion for large-scale acquisitions, debt retirement, or regulatory compliance with the 25% Minimum Public Shareholding (MPS) rule.
FPO Key Parameters
14-Day IPO Readiness Diagnostic
Before committing hundreds of thousands of dollars to merchant bankers and legal counsels, discover where your corporate structure stands against SEBI listing scrutiny.
1. Financial Forensics
Restating financials under IndAS, identifying inventory valuation anomalies, and reconciling GST/income tax disclosures.
2. Secretarial Hygiene
Verifying authorized capital increases, ROC filings, director disqualification audits, and ESOP scheme statutory alignment.
3. Board Governance
Appointing Independent Directors, establishing mandatory Audit, Nomination & Remuneration committees, and drafting whistle-blower charters.
Pre-IPO Capital Features
Pre-IPO Funding & Family Office Syndication
Bridge the growth and working capital gap 6 to 12 months prior to DRHP filing, establishing an institutional valuation baseline with marquee cap table investors.
Post-Listing Governance & Investor Relations (IR)
Listing day is only day one. We support listed boards in meeting continuous SEBI LODR compliance, earnings disclosures, and institutional roadshows.
SEBI LODR Compliance
Managing Regulation 30 event disclosures, board meeting intimations, insider trading codes, and quarterly financial result submissions.
Quarterly Earnings Calls
Drafting investor presentation decks, managing sell-side analyst Q&A conference calls, and orchestrating press releases.
SME to Mainboard Migration
Executing smooth platform transition to BSE/NSE Mainboard once the company achieves 2 years on SME and ₹25 Cr paid-up capital.
SME IPO vs Mainboard IPO vs FPO Matrix
Comprehensive comparison of statutory eligibility, capital thresholds, regulatory vetting, dilution, and investor allotment across India's public capital market offerings.
| Listing Parameter | SME Platform (NSE Emerge / BSE SME) | Mainboard (BSE & NSE) | FPO (Follow-on Public Offer) |
|---|---|---|---|
| Issuer Stage & Purpose | Unlisted mid-market enterprise seeking maiden public growth capital | Unlisted mature corporate seeking marquee institutional listing | Already-listed company raising additional secondary/growth capital |
| Post-Issue Paid-Up Capital | Capped up to ₹25.00 Crore | Minimum ₹10.00 Crore (Typically ₹25 Cr to ₹500+ Cr) | No statutory cap; expands existing listed capital base |
| Typical Issue Size | No statutory minimum; typically ₹15 Cr - ₹100 Cr | Typically minimum ₹100 Cr+ for institutional float & liquidity | ₹50 Cr to ₹20,000+ Cr based on capex or debt reduction |
| Regulatory Vetting | Vetted & cleared directly by Stock Exchange (Fast-track) | Requires direct review, observation letter & clearance by SEBI | Fast-track SEBI/Exchange (Reg 155) or standard ICDR review |
| Underwriting Requirement | 100% Mandatory Underwritten (Lead Manager min. 15% on own book) | Optional; standard institutional book-building syndicate | Optional; syndicated underwriting based on market risk |
| Market Making | Mandatory 3 years continuous market making by MM broker | No mandatory market making required | Not required (existing secondary market liquidity active) |
| Minimum Application Size | ₹1,00,000 to ₹2,00,000 (Lot size based to protect small retail) | ₹14,000 to ₹15,000 (1 Retail Lot) | ₹14,000 to ₹15,000 (1 Retail Lot) |
| Minimum Allottees | Minimum 50 allottees | Minimum 1,000 allottees | Minimum 1,000 allottees / statutory retail spread |
| Investor Quotas | Minimum 50% Retail, 50% Non-Retail (HNIs / Corporates) | QIB 50%, NII 15%, Retail 35% (or 75/15/10 for non-profit track) | Typically QIB 50%, NII 15%, Retail 35% (retail discount common) |
| Financial Reporting | Half-Yearly financial reporting permitted under Indian GAAP / IndAS | Quarterly detailed financial reporting strictly under IndAS | Continuation of quarterly IndAS compliance and quarterly calls |
| Time to Ring the Bell | Fast-track: 3 to 5 months end-to-end | 6 to 9 months end-to-end | Fast-track: 2 to 4 months (known listed company track record) |
| Pricing & Dilution | Fixed price or book built; valuation based on growth projections | 100% Book built; price discovery driven by QIB anchors | Typically offered at modest discount to prevailing secondary VWAP |
| Next Strategic Milestone | Eligible to migrate to Mainboard after 2 years & ₹25 Cr+ capital | Nifty/Sensex indexation eligibility, global FII/DII liquidity | Enhanced institutional float, balance sheet de-leveraging |