From readiness to
listed-company discipline
A transaction-specific process involving the issuer, its appointed SEBI-registered merchant banker and other professional intermediaries.
The IPO Journey
The route to an SME public issue is structured but not fixed. Timing depends on the issuer’s readiness, transaction complexity, exchange review and the work of its appointed intermediaries.
Foundation & Planning
Readiness assessment
Management reviews the business, records, ownership, controls and capital plan.
Appoint a merchant banker
The issuer appoints an appropriate SEBI-registered merchant banker for the transaction.
Form the working group
The issuer, merchant banker and other appointed intermediaries agree responsibilities and a practical workplan.
Due diligence and preparation
Due diligence
The appointed merchant banker and advisers review the issuer’s business, financials, governance and disclosures.
Corporate and governance actions
The issuer completes the legal, ownership and governance actions required for its chosen route and exchange.
Documentation & Approvals
Prepare the offer document
The issuer and appointed intermediaries prepare the disclosures and supporting material required under applicable rules.
Exchange review
The applicable exchange reviews the draft offer document against its listing requirements.
Complete pre-issue actions
The working group closes the conditions, approvals and documentation required before the issue can open.
Issue and allotment
File the final documents
The issuer files the final offer documents and completes the required regulatory and exchange steps.
Open and close the issue
Eligible investors apply within the announced subscription window, subject to the offer terms.
Allotment and listing actions
The appointed intermediaries complete the post-issue process in line with the applicable regulations and timetable.
Listing and ongoing obligations
Commence trading
The issuer’s securities are admitted to dealings on the applicable exchange once listing requirements are met.
Meet disclosure obligations
The listed company maintains timely, accurate disclosures and follows the applicable SEBI and exchange requirements.
Run a listed company well
Management maintains governance, reporting and investor communication as part of normal business operations.
Keep building
A listing is a milestone, not an endpoint. Strategy and operating discipline continue to matter.
Is your business ready for its next chapter?
Tell us where your business is today. We will help you understand the readiness work worth doing before you begin an SME IPO process.