Your books are restated, your board is compliant, your story is real. What you need now is someone on your side of the table — drafting the DRHP with you, answering SEBI's observations, managing the bankers, and holding the process together until the bell rings. That is what we do.
Your financials are restated and audit-clean for the last three years, and your statutory auditor is comfortable signing off.
Your board already meets listing requirements — independent directors, committees, and a whole-time KMP bench in place.
Your cap table, promoter holdings, and related-party transactions are documented and defensible under diligence.
You have a merchant banker shortlisted (or appointed) and want an independent advisor protecting the company's interests through the issue.
You are targeting a listing within the next 6–12 months and want a firm that has run this process before, not learning on your issue.
Seven stages. Six to nine months for a genuinely ready company. Longer if SEBI asks hard questions — which is normal, not failure.
Before a single page of the DRHP is drafted, we run a two-to-three-week pre-filing audit: restatement sign-offs, promoter documentation, litigation schedules, related-party clean-up, and every disclosure SEBI is likely to probe. Finding the gap now costs thousands. Finding it in observations costs months.
The draft red herring prospectus is a 400-plus-page legal document, and the company owns its contents — not the banker. We sit with your team, your lawyers, and your banker to draft the business sections, risk factors, financial disclosures, and management discussion.
The DRHP is filed and SEBI responds with observations — typically two to four months of back-and-forth. We coordinate every response, keep the reply clock disciplined, and make sure answers are complete the first time.
Once observations are cleared, the issue has to be sold. We help your management build the investor deck, rehearse roadshow Q&A, and keep every public statement consistent with the filed prospectus.
The price band is set and anchor investors bid a day before the issue opens — up to 60% of the QIB portion. We advise you on pricing inputs from the issuer's side: what the anchor response is really telling you, and where the band should sit.
Three to four days of public bidding, then basis of allotment, unblocking of ASBA funds, and credit of shares. We monitor the process daily and flag anything that smells off before it becomes a complaint.
The bell rings, trading starts, and most advisors disappear. We don't. We run your post-listing compliance rhythm — continuous disclosures, market-making oversight, investor expectations — until your own team can carry it.
An honest split. You need both — they do different jobs.
| CorpCFO (your advisor) | Merchant banker (BRLM) | |
|---|---|---|
| Whose side | Yours. We are engaged by the company and answer only to the company. | The issue's. The banker manages the offer process and its own regulatory liability. |
| DRHP | We draft the company's disclosures with you and verify every claim. | They file the DRHP, own the due-diligence certificate, and lead regulatory correspondence. |
| SEBI observations | We prepare the company's responses and keep reply discipline tight. | They submit responses and manage the regulatory relationship. |
| Pricing and anchors | We advise you on what the anchor response means for the company long-term. | They run book-building, allocate anchors, and recommend the final price. |
| After listing | We stay for the first 90 days until your team is self-sufficient. | Their mandate largely ends at listing. |
Fixed phased fees plus a success fee on listing. Quoted in writing before we start. The success fee is payable only when your shares list — if the issue doesn't list, you don't pay it.
For a ₹20–50 crore issue, all-in expenses usually run ₹50 lakh to ₹1.5 crore. The merchant banker's fee is the largest line, followed by legal, registrar, marketing, exchange and SEBI fees.
Multiple rounds of SEBI observations, a long roadshow calendar, and clean-up discovered late. The cheapest issue is the one filed right the first time.
Sloppy DRHP disclosures invite round after round of SEBI queries. Each round costs six to eight weeks. Most are avoidable with honest drafting.
An ambitious price band with a thin anchor book is how issues get pulled. The market tells you what you're worth during price discovery.
An undisclosed promoter dispute or tax demand surfaces during diligence, never on your timetable. Disclose early or don't file.
Markets turn. We track market conditions alongside your timeline and will tell you when waiting is the right call.
Companies that disband the issue team on listing day get blindsided within weeks. The first 90 days listed matter as much as the 90 before.
25 items. If you can't tick all of them, you're not ready to file. Get the full printable checklist — free.
Corporate, financial, regulatory, market, and post-listing — the same list we run before any filing.
Six to nine months from mandate to listing, assuming clean financials and a cooperative observation process. Add two to three months if SEBI asks multiple rounds of questions.
Fixed phased fees quoted in writing before we start, plus a success fee payable only on listing. The fixed portion depends on issue size and complexity — one conversation is enough for us to quote it.
No, and you shouldn't want us to. The banker leads the offer, files the DRHP, and runs book-building — that is a SEBI-regulated role we don't pretend to fill. We are the company's advisor inside that process.
One to two substantive rounds is normal; three or more usually means the DRHP was filed with gaps. Our gap audit exists to keep you in the one-to-two range.
The company and the banker jointly, informed by anchor and book response. We advise you on the issuer-side read of that response — including telling you when the band is too aggressive.
Anchors must bid at least ₹10 crore each. Up to 60% of the QIB portion can be allocated to anchors, and their shares carry lock-in — half for 30 days, half for 90 days.
The issue must be subscribed at least 90% (with 100% underwriting compulsory on the SME platform, the underwriters take up the shortfall). If it still fails, application money is refunded with interest.
Yes. A filed DRHP with cleared observations stays valid, and launching into a falling market destroys more value than waiting costs.
Everything becomes public and time-bound: half-yearly results, continuous disclosures, shareholding patterns, insider trading compliance, and secretarial audit. We run this rhythm with your team for the first 90 days.
Because the banker manages the issue and its own liability — nobody in the process is paid to protect only the company's interests. That's our job.
One conversation. An honest read of where you stand and what the launch will take.
Get a launch assessment