First, banker selection — on fit, not fame. The right lead manager for a ₹40 crore BSE SME issue is the one that has taken ten companies of your size through your platform recently, not the one with the biggest mainboard league-table position. We run the selection, negotiate the engagement letter (retainer, success economics, withdrawal terms — in writing, before signing), and set the working protocol.
Then the DRHP engine room. The banker drafts; we feed it — business description inputs, financials from the restatement, risk factors written candidly (glossy risk sections get discounted by every serious reader), litigation and RPT disclosures from the diligence prep. When the exchange raises observations, we manage the response cycle from the company's side: fast, complete answers, because each round-trip costs weeks.
Throughout, we own the calendar. The banker runs the issue — that's their job. Our job is making sure the company's side never becomes the bottleneck: documents delivered in days not weeks, decisions taken, no workstream drifting.
Four to six months from banker appointment to listing, assuming stages 1–5 are done. Every week of it depends on the quality of what came before.
Where companies stumble: appointing the banker first and preparing second — the most expensive sequencing error in this entire process. The banker then discovers in diligence what a scorecard would have found in week two, and the timetable slips by quarters. The second: no independent voice on pricing. The banker's fee scales with issue size; someone on your side of the table should be asking what the business can productively deploy.
A filing that moves. DRHP to listing in months, not years — because the document is built on restated numbers, real governance, a clean cap table, and a prepared data room. That's what the first five stages bought.
Take the scorecard, then let's talk about the gaps — with a dated plan, not a sales pitch.
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