IPO Advisory
An IPO is not a milestone. It is the beginning of a permanent obligation. Most companies underestimate how much preparation the public markets actually require.
We work with companies preparing for an IPO — assessing readiness, addressing gaps, and providing the advisory support needed to approach the public markets with confidence and credibility.
The IPO Readiness Gap
What most companies miss
Most companies that come to us thinking about an IPO know they need to list. What they don't know — until they start the process — is how much infrastructure required for public company life doesn't yet exist inside their organisation.
The companies that have the smoothest IPO processes are the ones that addressed these gaps 18 to 24 months before filing — not in the six weeks before the DRHP submission.
This is where the quality of early advisory makes the most difference.
"We thought we were six months from ready. The readiness assessment showed we were 18 months from ready — and that the gap was entirely fixable, but only if we started immediately."
IPO Readiness
Six dimensions of IPO readiness
Financial reporting quality
Three years of audited financials to the required standard, with accounting policies consistent with Ind AS and no audit qualifications that will concern institutional investors.
Corporate governance
Board composition meeting SEBI requirements, audit committee functioning, related-party transactions properly structured, and a compliance calendar that is actually followed.
Related-party transactions
All transactions with promoters and related parties documented, priced at arm's length, and structured to withstand scrutiny from institutional investors, SEBI, and the exchanges.
Financial controls & MIS
Internal controls operating effectively, MIS producing timely and accurate reporting, and a finance function that can handle the quarterly reporting obligations of a listed company.
Promoter narrative & financial story
Business story is clear, consistent, and supported by the financial numbers. Revenue drivers, margin structure, and growth trajectory are coherently explained.
Risk disclosure & compliance
All material risks identified and properly disclosed. Regulatory filings up to date. Litigation and contingent liabilities documented and confirmed.
How We Engage
Phase-based IPO preparation
Phase 1–2: Assessment & Gap Closure
- Complete IPO readiness assessment across all six dimensions
- Gap analysis with prioritised remediation plan
- Financial reporting review — Ind AS compliance
- Corporate governance restructuring
- Related-party transaction documentation
Phase 3–4: Process Support
- Coordination with legal counsel and investment bankers
- Financial narrative development — the story behind the numbers
- DRHP financial section review and investor presentation
- Institutional investor Q&A preparation
- Post-listing compliance framework setup