IPO LISTING SERVICES — most complex capital markets transaction under SEBI Act 1992 + Companies Act 2013 (S.
IPO LISTING SERVICES — most complex capital markets transaction under SEBI Act 1992 + Companies Act 2013 (S.23-32) + SCRA 1956 + SEBI (ICDR) Regulations 2018 + LODR 2015 + SAST 2011 + PIT 2015. Two platforms: MAIN BOARD IPO (NSE/BSE Main Board for larger companies — NTA ₹3 Cr + Profit ₹15 Cr + Issue size ₹10 Cr+ minimum + Promoter 20% + 3-year lock-in) vs SME IPO (NSE Emerge/BSE SME for ₹3-25 Cr paid-up). Comprehensive 12-24 month engagement: Pre-IPO transformation (Entity conversion + Governance + Cleanup) + BRLM selection + Due Diligence + DRHP drafting + SEBI scrutiny + Book Building + Listing + LODR Compliance. Multi-disciplinary team of BRLMs (Kotak/ICICI/JM/Axis) + Legal Counsel (Cyril/AZB/Shardul/Khaitan) + Statutory Auditors (Big-4) + Registrars + Bankers. NOT FSSAI.
IPO Listing Services in Dholka is a critical service for individuals, entrepreneurs, and enterprises operating in Gujarat. At Nyaya Grah, we deliver this service under the direct supervision of senior counsel — never juniors masquerading — with complete process transparency and a binding money-back guarantee.
Dholka, with its 30L+ active businesses and ₹20L+ economic footprint, demands legal infrastructure that is both fast and accurate. Gujarat's jurisdictional nuances — including a stamp duty of 4.9% and Not applicable professional tax — require local expertise that our team brings to every engagement.
Whether you are filing your first application, navigating a complex matter, or seeking specialist counsel, our practice in Dholka ensures every submission carries the imprimatur of seasoned review. We handle the regulatory machinery — you focus on your business.
Everything required to complete your IPO Listing Services in Dholka — bundled into a single fixed fee.
A structured four-step process designed to be transparent, predictable, and accountable at every stage.
Free 30-min consultation with senior partner. Clear quote, timeline, document checklist.
Day 0Signed engagement letter with fixed fee. Document collection begins.
Day 1Pre-IPO Preparation (12-24m) · BRLM appointment · Due Diligence · DRHP Drafting · SEBI Filing + Observations · RHP + Price Band · Anchor Allocation · Public Bid (3-5 days) · Book Building · Allotment + Listing (T+3) · LODR Compliance Setup.
Day 2-7IPO Listing on NSE/BSE + LODR Compliance Framework + Investor Relations setup + Quarterly Results + Annual Report templates + 36-month post-listing support + Material Event disclosure framework + Insider Trading compliance + ESG/BRSR.
FinalA typical checklist. Our team will customize this list during the consultation based on your specific case.
Jurisdictional details relevant to your IPO Listing Services in Dholka.
Fixed professional fees. Government charges quoted separately and disclosed in the engagement letter.
| Component | What's Included | Cost |
|---|---|---|
| IPO Listing Services · Professional FeesSenior counsel · End-to-end service | All work above | ₹2500000Fixed |
| Government FeesAuthority charges, filing fees | Pass-through | At ActualsReceipts shared |
| Stamp Duty (if applicable)Gujarat rate: 4.9% | As per state | At ActualsQuoted upfront |
| GST on Professional Fees18% as per Indian GST | Statutory | 18%On professional fee |
All fees are disclosed in writing on the engagement letter before commencement. Money-back guarantee if we miss the quoted timeline.
Answers to questions most often posed by our clients in Gujarat.
Our professional fee for IPO Listing Services in Dholka starts at ₹2500000, all-inclusive. Government fees, stamp duty (4.9% in Gujarat), and 18% GST are billed separately at actuals. The complete fee breakdown is disclosed in writing on the engagement letter before work begins.
The standard timeline for IPO Listing Services is 7-10 working days. We provide a written timeline on the engagement letter — if we miss it for reasons attributable to us, our professional fee is fully refunded (binding guarantee).
Yes. End-to-end. From document preparation to final filing with ROC Ahmedabad and follow-up till certificate issuance — every step is handled by our team in Dholka. You will receive real-time updates via WhatsApp at every milestone.
You will speak to a senior partner with 15+ years of practice. We do not have juniors masquerading as senior counsel. Every consultation, strategic decision, and material communication is conducted by a partner. Routine execution may be delegated to qualified associates — but oversight remains with the partner throughout.
A typical checklist includes PAN, Aadhaar, address proof, and service-specific documents. The complete list is customized during your free consultation. We accept digital scans (PDF/JPG) — physical visits to our office are not required.
We serve clients across Gujarat and all of India — 1,219+ cities. Our jurisdictional expertise for Gujarat includes specific knowledge of ROC Ahmedabad procedures, Gujarat stamp duty (4.9%), and applicable state schemes such as Vibrant Gujarat, Startup Gujarat.
Simply call +91 7878407950 or message us on WhatsApp. Your first 30-min consultation is complimentary, conducted directly with the senior partner relevant to your matter. You will leave the call with full clarity on cost, timeline, and process — with no obligation to proceed.
Every engagement at Nyaya Grah is grounded in the relevant statute. For founders and counsel reviewing this matter, here is the foundation.
PRIMARY AUTHORITY: SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) under SEBI Act 1992 — apex capital markets regulator. STRUCTURE: (1) SEBI CHAIRMAN + Whole-Time Members (Mumbai HQ). (2) DEPARTMENT OF INVESTMENT BANKING (DIB) — handles IPO DRHP review + observations + final approval. (3) DEPARTMENT OF CORPORATION FINANCE (DCF) — for post-listing corporate actions. (4) DEPARTMENT OF INVESTMENT MANAGEMENT (DIM) — for fund-related IPO actors. (5) DEPARTMENT OF SURVEILLANCE + INVESTIGATIONS — for market manipulation. (6) OFFICE OF INVESTOR ASSISTANCE AND EDUCATION (OIAE) — for IPO investor grievances. (7) SECURITIES APPELLATE TRIBUNAL (SAT) — for appeals against SEBI orders. (8) ADJUDICATING OFFICERS — for penalty proceedings. (9) SEBI REGIONAL OFFICES — North/South/East/West. STOCK EXCHANGES (Subordinate authorities): (a) NSE (National Stock Exchange) — Mumbai; Main Board + NSE Emerge (SME platform), (b) BSE (Bombay Stock Exchange) — Mumbai; Main Board + BSE SME, (c) MSEI (Metropolitan Stock Exchange). DEPOSITORIES: NSDL + CDSL — for dematerialised securities. RELATED AUTHORITIES: (a) MCA + ROC — for Companies Act compliance + post-listing filings (MGT-7 + AOC-4 + form filings), (b) RBI — for FEMA + FPI + ECB, (c) Income Tax Dept — for capital gains + STT, (d) Stamp Duty Authorities (post 2020 — Depositories collect digitally), (e) FIU-IND — PMLA, (f) IRDAI — if insurance company IPO, (g) Sectoral regulators (TRAI/IRDAI/PFRDA/etc. for sector-specific IPOs). PROFESSIONAL ECOSYSTEM: (a) BRLMs (Book Running Lead Managers) — 2-4 typical; SEBI Cat-I Merchant Bankers (Kotak Mahindra, ICICI, JM Financial, Axis Capital, Morgan Stanley, Goldman Sachs, Citigroup, JP Morgan India), (b) Legal Counsel — Indian + International (Indian: Cyril Amarchand Mangaldas, AZB Partners, Shardul Amarchand, Khaitan; International: Sidley Austin, Cleary, Latham), (c) Statutory Auditors — Big-4 typically (Deloitte, EY, KPMG, PwC), (d) Registrar (Link Intime, KFin Technologies, Bigshare), (e) Bankers to Issue (HDFC Bank, Axis, ICICI, SBI), (f) Industry Experts.
KEY PORTALS + SYSTEMS: (1) SEBI WEBSITE (sebi.gov.in) — Master Circulars + ICDR Regulations + Public Comments. (2) SEBI INTERMEDIARY PORTAL (intermediaryportal.sebi.gov.in) — for BRLM registrations. (3) SEBI DRHP PORTAL — for DRHP/RHP filings + observations + tracking. (4) NSE Portal (nseindia.com) — listing applications + Main Board + NSE Emerge. (5) BSE Portal (bseindia.com) — listing applications + Main Board + BSE SME. (6) MCA21 V3 (mca.gov.in) — for Companies Act filings (Prospectus filing under Section 26; Allotment under Section 39; PAS-3; MGT-14). (7) RBI PORTALS — FEMA + FPI/FII registration; FC-GPR. (8) NSDL/CDSL Portals — for demat allotment. (9) ASBA (Application Supported by Blocked Amount) Bank Portals — for IPO subscription (mandatory mode since 2016). (10) UPI Mandate — alternative subscription mode for retail. (11) Anchor Investor Portal (NSE/BSE) — for anchor allotment. (12) SCORES (scores.gov.in) — IPO investor grievances. (13) RTA (Registrar and Transfer Agent) Portals — Link Intime, KFin Technologies, Bigshare for IPO subscription tracking + allotment + refunds. (14) Income Tax Portal — for capital gains compliance. (15) ICEGATE — if international subscribers (custom-related). (16) NSWS (nsws.gov.in) — National Single Window integration evolving.
IPO MARKET DEVELOPMENTS: (1) T+3 LISTING — SEBI revised from T+6 to T+3 from issue closure to listing in 2023; further reductions piloted. (2) DIGITAL DEPOSITORY framework — fully online subscription via UPI + ASBA. (3) NEW-AGE TECH IPOs — loss-making companies via QIB Route; Zomato, Paytm, Nykaa, PB Fintech, Mamaearth, Honasa Consumer benchmarks; LIC IPO ₹21,000 Cr (largest Indian IPO). (4) BRSR (Business Responsibility and Sustainability Report) — mandatory for top 1000 listed by market cap from FY 2022-23; ESG framework strengthening. (5) DELISTING regulations 2021 — revised framework. (6) BUY-BACK regulations 2018 — annual + open offer + tender. (7) PERSONAL DATA PROTECTION ACT 2023 (DPDP) implementation — impacts listed company customer data handling. (8) AI/Algorithmic Trading frameworks evolving. (9) GLOBAL DEPOSITORY RECEIPTS (GDR/ADR) — possible for Indian companies. (10) IFSC (Gujarat) — separate framework for international fund-raising. (11) SOCIAL STOCK EXCHANGE (2023) — for social enterprises. (12) SIP CULTURE — mutual fund inflows supporting IPO demand. (13) STT (Securities Transaction Tax) revisions periodic. (14) LOCK-IN modifications — for ESOP holders + Strategic + Family investors; case-by-case. (15) IND-AS standards revisions periodic; impact restated financials. (16) BNS 2023 (1 July 2024) implementation — minor impact on prospectus offence sections. (17) Sustainability-linked Bonds + Green Bonds — separate framework; growing trend.
No vague timelines. Here's the actual phase-wise breakdown for IPO Listing Services in Dholka.
FOUNDATIONAL READINESS: (1) ENTITY CONVERSION — if Pvt Ltd, convert to PUBLIC LTD (mandatory for IPO under Section 23 Companies Act); name change to remove "Private"; AoA amendments; ROC filings. (2) CAPITAL STRUCTURE OVERHAUL — Authorised + Paid-up; bonus/split if needed; ESOP scheme alignment; convertible instruments resolution (CCPS/CCDs converted pre-DRHP). (3) CORPORATE GOVERNANCE OVERHAUL — Independent Directors appointments (1/3 of Board; 1/2 if listed); Board sub-committees (Audit per Section 177; NRC per Section 178; Stakeholders Relationship; Risk Management; CSR if applicable); Whistleblower mechanism; Insider Trading Code of Conduct pre-prepared. (4) STATUTORY + LEGAL CLEANUP — pending litigation review + provisioning + resolution where possible; outstanding statutory dues (Income Tax, GST, ROC fees) cleared; Compliance Calendar reset. (5) RELATED PARTY TRANSACTIONS (RPT) cleanup — Section 188 Companies Act compliance; transparent disclosure; SEBI LODR 23 framework readiness. (6) FINANCIAL READINESS — Restated Financial Statements (5 YEARS per Ind-AS); auditor confirmation; quarterly reporting capability; CFO + audit committee strong. (7) CAP TABLE CLEANUP — single class of equity preferable; minority shareholders managed; pre-IPO secondary if needed; pledge releases. (8) PROMOTER LOCK-IN PLANNING — 20% contribution at issue price; 3-year lock-in absorbed. (9) STATUTORY AUDITOR — Big-4 typically (Deloitte/EY/KPMG/PwC); 3-year prior engagement preferred. (10) ROADSHOW + INVESTOR EDUCATION readiness — institutional briefings; sell-side analyst engagement. (11) IPO COMMITTEE formation at Board level. (12) MERCHANT BANKER RFP + selection of BRLMs (Book Running Lead Managers).
PROFESSIONAL TEAM ASSEMBLY: (1) BRLM APPOINTMENT — SEBI-registered Category-I Merchant Bankers; typically 2-4 BRLMs (Lead + Joint Lead); names like Kotak, ICICI, JM Financial, Axis Capital, Edelweiss, IIFL, Morgan Stanley, Goldman Sachs, JP Morgan, Citigroup; UNDERWRITING commitments; FEE 2-4% of issue size + success fee. (2) LEGAL COUNSEL APPOINTMENT — Indian Counsel (Cyril Amarchand Mangaldas / AZB Partners / Shardul Amarchand / Khaitan / J Sagar) + International Counsel (Sidley Austin / Cleary Gottlieb / Latham Watkins / White & Case / Linklaters / Allen & Overy) for offshore investor offerings. (3) DUE DILIGENCE INTENSIVE: (a) LEGAL DD — corporate records + contracts + IP + employment + litigation + regulatory + Real Estate, (b) FINANCIAL DD — accounting policies + Ind-AS + revenue recognition + key estimates + Working Capital + Deferred Tax, (c) BUSINESS DD — market position + competition + key customers + supply chain + technology, (d) TAX DD — direct + indirect; pending notices + assessments, (e) ESG DD — environmental + social + governance; growing in importance, (f) FORENSIC DD — fraud risk; pre-empted by some. (4) GAP IDENTIFICATION + Resolution — Comfort Letters from BRLMs require clean DD. (5) STATUTORY AUDITOR confirmation of Restated Financials. (6) REGISTRAR + TRANSFER AGENT (RTA) appointment — Link Intime, KFin Technologies (formerly Karvy Computershare), Bigshare. (7) BANKERS TO ISSUE selection — multiple ASBA banks. (8) DEPOSITORY agreements with NSDL + CDSL. (9) ENGAGEMENT LETTERS with all parties.
DRHP — MOST CRITICAL DOCUMENT: (1) DRHP DRAFTING by BRLM + Legal Counsel + Company team — 500-1500 PAGES comprehensive: (a) Cover page + Issue details + Stock exchanges, (b) RISK FACTORS — Industry / Business / Financial / Legal / Statutory — extensive (50-150 risk factors typical), (c) GENERAL INFORMATION — issue structure, capital structure, history, registered office, (d) CAPITAL STRUCTURE — Authorised + Paid-up + History of share issuances + Lock-in disclosures, (e) PARTICULARS OF ISSUE — type + size + price band + lots + reservation (Retail 35% / Institutional 50% / NII 15%), (f) BASIS FOR ISSUE PRICE — comparable valuations + benchmarking + DCF/P/E references, (g) BUSINESS — overview + competition + customers + technology + operations + employees, (h) FINANCIAL STATEMENTS — restated 5 years Ind-AS + interim if recent, (i) MANAGEMENT — Directors + Promoters + KMP + Group Companies, (j) MATERIAL CONTRACTS + Litigation + Government Approvals, (k) USE OF PROCEEDS — detailed + monitoring agency for ₹100 Cr+ issues, (l) STATUTORY AND OTHER INFORMATION, (m) MAIN PROVISIONS OF AOA. (2) SEBI FILING via DRHP Portal — Lead BRLM files; ₹1L+ filing fee per BRLM. (3) STOCK EXCHANGES FILING simultaneously. (4) SEBI SCRUTINY — typically 4-6 MONTHS; OBSERVATIONS issued (typically 50-200 observations across rounds). (5) UPDATES + RESPONSES — multiple rounds; iterative; price band can't be disclosed yet. (6) PUBLIC COMMENTS — DRHP open for 21-day public comments. (7) ANALYST PRESENTATIONS — sell-side prepared. (8) FINAL SEBI OBSERVATIONS — clean letter; allows proceed to RHP.
IPO LAUNCH MECHANICS: (1) RHP (RED HERRING PROSPECTUS) — incorporates final price band; filed with SEBI + Stock Exchanges + ROC (under Section 32 Companies Act); typically 1 week before issue opens. (2) IPO MARKETING — Roadshows (India + offshore for institutions), Investor Presentations (analyst meets), Print + Digital advertising (within SEBI norms), Press conferences. (3) ASBA + UPI Mandate framework — mandatory subscription mode; investor funds blocked, not transferred. (4) ANCHOR INVESTOR ALLOCATION (typically 1 DAY before public bid) — up to 60% of QIB portion; minimum ₹10 Cr ticket; 30-day lock-in post-listing; institutional confidence builder. (5) PUBLIC BID period — 3-5 DAYS (typically Monday-Friday); BIDS via ASBA Banks or UPI for retail; Categories: (a) RETAIL (35% reservation; lots ₹15K typical), (b) QIB (50%; ₹2 Cr+ ticket), (c) NII (15%; ₹2L-10L Lower Band + ₹10L+ Upper Band); REVISIONS allowed during bid period (price/lots). (6) BOOK BUILDING — price discovery; cut-off price determined post-bid closure. (7) BASIS OF ALLOTMENT — proportionate within categories; oversubscription common for hot IPOs (5-100x+). (8) ALLOTMENT FINALISATION — typically 1-2 days post-issue closure; based on FINAL PRICE + cut-off. (9) PROSPECTUS (final) filed with ROC under Section 26 — within 1 day of final price; PAS-3 filed for allotment within 30 days. (10) ALLOTMENT ADVICE + REFUND/UNBLOCKING via RTA + ASBA Banks; demat credit on T+3 typical. (11) LISTING APPROVAL from Stock Exchanges. (12) LISTING DAY — T+3 from issue closure (was T+6; SEBI revised in 2023); ceremonial bell-ringing; Listing prices opens; can list at premium/discount.
POST-IPO LIFE — SEBI LODR 2015 + Listing Agreement obligations: (1) QUARTERLY RESULTS — within 45 days of quarter-end (Reg 33); Limited Review by Auditors; Audit Committee + Board approval; press release + Exchanges + Website. (2) ANNUAL REPORT — within 60 days of FY end; per LODR Schedule V; comprehensive disclosures; MD&A; Corporate Governance Report; CSR Report; Business Responsibility and Sustainability Report (BRSR — top 1000 listed by market cap). (3) AGM — within 6 months of FY end (Section 96 Companies Act + LODR 44); E-voting mandatory; Notice + Explanatory Statement. (4) MGT-7 (Annual Return) + AOC-4 (Financial Statements) filing with ROC + MGT-14 for SRs. (5) CORPORATE GOVERNANCE: Independent Directors (1/3 Board if NED Chairperson; 1/2 if ED Chairperson); Audit Committee (Section 177 + LODR 18) — 2/3 Independent; NRC (Section 178 + LODR 19) — majority Independent; Stakeholders Relationship Committee (LODR 20); Risk Management Committee (LODR 21; Top 1000 by market cap). (6) INSIDER TRADING — PIT Regulations 2015 + Code of Conduct + Trading Window + UPSI handling + Structural digital database (SDD) for UPSI. (7) DISCLOSURE OBLIGATIONS: Regulation 30 LODR — material events within 24 hours/2 days; Regulation 17 — Board composition; Regulation 23 — RPTs; Regulation 27 — Corporate Governance Report. (8) SUBSTANTIAL ACQUISITION (SAST 2011) — 5% disclosures; 25% offer trigger; Creeping Acquisition limits. (9) BUY-BACK / FURTHER ISSUES — separate SEBI Regulations. (10) DELISTING — separate framework. (11) PMLA + KYC — for shareholders. (12) ESG INTEGRATION — BRSR + Climate disclosures + Sustainability. (13) SEBI INSPECTIONS — periodic; for cause + risk-based. (14) ADJUDICATION + Penalties for violations; SAT appeals.
Most counsel quote one number. We show you what goes where, so there is nothing to discover later.
| Component | Amount | Note |
|---|---|---|
| PRE-IPO TRANSFORMATION (Entity + Governance + Cleanup) | ₹9,99,999 – ₹49,99,999 | 12-24 month preparation; Pvt→Public + Governance overhaul |
| SME IPO Advisory (Full Service) | ₹9,99,999 – ₹49,99,999 | NSE Emerge / BSE SME; smaller scale ₹3-25 Cr paid-up |
| MAIN BOARD IPO Advisory (₹100-300 CR Issue) | ₹49,99,999 – ₹1,99,99,999 | Medium-cap Main Board IPO |
| MAIN BOARD IPO Advisory (₹300-1000 CR Issue) | ₹1,99,99,999 – ₹4,99,99,999 | Large-cap Main Board IPO |
| MAIN BOARD IPO Advisory (₹1000 CR+ Issue) | ₹4,99,99,999 – ₹9,99,99,999 | Mega IPO; multi-disciplinary team |
| DRHP DRAFTING (standalone engagement) | ₹14,99,999 – ₹99,99,999 | Core document preparation |
| DUE DILIGENCE coordination (Legal + Financial + Tax) | ₹9,99,999 – ₹49,99,999 | Multi-disciplinary DD |
| PROMOTER + Cap Table cleanup | ₹4,99,999 – ₹19,99,999 | Pre-IPO secondary + Lock-in planning |
| IND-AS RESTATEMENT support (5-year) | ₹9,99,999 – ₹49,99,999 | Financial restatement coordination |
| CORPORATE GOVERNANCE Overhaul (Independent Directors + Committees) | ₹4,99,999 – ₹19,99,999 | LODR-ready governance |
| LITIGATION review + Resolution coordination | ₹4,99,999 – ₹49,99,999 | Material litigation cleanup |
| POST-LISTING LODR Compliance (Annual) | ₹14,99,999 – ₹1,49,99,999/yr | Quarterly Results + Annual Report + Board secretary + RPT + Insider Trading |
| BRLM Fee (Pass-through; 2-4% of issue size) | ||
| Small SME IPO (₹25 Cr) | ₹50 LAKH – ₹1 CR | Pass-through; underwriting + advisory |
| Medium IPO (₹100-300 Cr) | ₹2 CR – ₹12 CR | Pass-through |
| Large IPO (₹500 Cr+) | ₹10 CR – ₹40 CR+ | Pass-through; multiple BRLMs |
| STATUTORY AUDITOR (Big-4) Restated Fin + Comfort Letter | ₹25 LAKH – ₹1 CR | Pass-through |
| SEBI FEE (0.1-0.5% of issue size) | Pass-through | |
| STOCK EXCHANGE LISTING FEES | ₹5 LAKH – ₹25 LAKH | Pass-through; one-time + annual |
| PRINTING + ADVERTISING (DRHP + Roadshow) | ₹50 LAKH – ₹3 CR | Pass-through |
| REGISTRAR (RTA) Fee | ₹15 LAKH – ₹50 LAKH | Pass-through; Link Intime/KFin/Bigshare |
| BANKERS TO ISSUE (ASBA) | ₹10 LAKH – ₹50 LAKH | Pass-through |
| INTERNATIONAL LEGAL COUNSEL (for offshore offerings) | ₹50 LAKH – ₹3 CR | Pass-through; for QIB/FPI demand |
| ROC FEE + STAMP DUTY + Filing Fees | ₹10 LAKH – ₹50 LAKH | Pass-through; Prospectus + PAS-3 + various |
| SME IPO MIGRATION to MAIN BOARD (Post 2 years) | ₹14,99,999 – ₹49,99,999 | Migration process advisory |
| POST-IPO LODR Violation Defence | ₹9,99,999 – ₹99,99,999 | For SEBI inquiries + adjudication |
| SAT Appeal coordination | ₹14,99,999 – ₹1,49,99,999 | Securities Appellate Tribunal |
Total estimate from 2500000 · final fee depends on entity size, document readiness, and city-specific stamp duty (see local jurisdiction above).
From hundreds of engagements, here are the patterns that cause founders and businesses to come back to us in distress. Avoid these and you've already won 70% of the matter.
IPO requires 12-24 month preparation: Entity conversion + Corporate Governance overhaul + Statutory cleanup + Ind-AS restatement + Cap Table cleanup. Rushed IPOs face SEBI rejection + market underperformance + corporate failures. Plan early; treat IPO as 2-year transformation, not 6-month exercise.
SME IPO has lower eligibility (₹3-25 Cr paid-up, NTA ₹1.5 Cr) + lower costs + 100% underwriting; Main Board has stricter criteria but better liquidity + indices inclusion. Choosing Main Board with inadequate financials = SEBI rejection; SME when scale justifies Main Board = limited liquidity. ASSESS realistically + start with right platform.
DRHP is MOST CRITICAL document; Risk Factors must be comprehensive (50-150 typical); SEBI ICDR strict on disclosure. WEAK DRHP: SEBI observations 200+ + months of delays + market loss of confidence. INVEST heavily in DRHP quality; engage top BRLMs + legal counsel; multiple rounds of review.
Promoter Contribution 20% + 3-year lock-in mandatory; pledged shares cannot count as contribution; pre-IPO transactions in last 1 year flagged. Violations: SEBI investigation + criminal liability + IPO failure. CLEAN UP cap table + release pledges + plan promoter contribution carefully.
Material litigations MUST be disclosed in DRHP with assessment + provisioning. Hidden litigations = SEBI sanctions + investor lawsuits + market loss of confidence post-disclosure. Comprehensive LITIGATION DD pre-DRHP; settle or provision; transparent disclosure.
Pre-IPO sales (in 12-18 months before DRHP) at off-market prices = pricing flags by SEBI; Articulation of "Basis for Issue Price" challenging. Use fair valuation methods + transparent processes for pre-IPO secondary; document everything.
Listed companies need: Independent Directors (1/3 or 1/2 of Board), Audit Committee (2/3 Independent), NRC (majority Independent), Stakeholders Committee, Risk Committee (top 1000), Whistleblower mechanism. Inadequate overhaul = LODR violations post-listing + SEBI penalties + investor distrust. INVEST in governance pre-IPO.
Listed companies face LODR 23 strict RPT framework; Audit Committee approval; SR for material RPTs; quarterly + annual disclosures. Pre-IPO RPTs need cleaning + transparent disclosure in DRHP. Hidden RPTs surface during DD = SEBI observations + IPO delays.
DRHP must specify USE OF PROCEEDS in detail: capex projects + working capital + debt repayment + general corporate. For ₹100 CR+ issues — Monitoring Agency required (typically Auditor). VAGUE use of proceeds = SEBI observations + investor concerns. SPECIFY clearly with project timelines + amounts.
Anchor allocation 1 day before public bid; up to 60% of QIB portion; minimum ₹10 Cr per investor; 30-90 day lock-in. Inadequate anchor planning = poor signals to public market + undersubscription risk. CULTIVATE anchor relationships during roadshows + offer compelling investment thesis.
LODR 2015 ongoing obligations: Quarterly results (45 days), Annual report (60 days), AGM (6 months), Corporate Governance reports, Material events (24-48 hours), RPTs, Insider Trading. POST-IPO COMPLIANCE BURDEN heavy; companies underestimate; LODR violations = SEBI penalties + Stock Exchange notices. BUILD compliance team pre-IPO.
Listed companies face PIT 2015: Code of Conduct; Trading Window closures (48 hrs before/after results); UPSI handling; Structural Digital Database (SDD); Trading Plans for senior management. VIOLATIONS: heavy SEBI penalties + reputational damage + criminal proceedings. EDUCATE all designated persons + automate compliance.
These are the signals — observed across the profession — that your money and matter are about to be handled poorly. We list them so you can vet anyone, including us.
Not the polished 5 — the 15 that come up in real consultations. Click any to expand.
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