Question 1

What financials are required for an IPO under SEBI ICDR?

Accepted Answer

The offer document must contain restated consolidated financial statements for the last three financial years (and any stub period), prepared under Ind AS and restated for uniform accounting policies, prior-period items and regrouping, with the auditor's examination report. We project-manage the restatement and the comfort-letter process.

Question 2

How long does IPO readiness typically take?

Accepted Answer

For a company that is not yet listing-ready, the runway is usually 12–24 months — to convert to a public company, strengthen the board and committees, implement IFC, clean up related-party transactions, and produce three years of restateable financials. Early readiness work substantially de-risks the timeline.

Question 3

What is a DRHP?

Accepted Answer

The Draft Red Herring Prospectus is the preliminary offer document filed with SEBI and the stock exchanges for review. It contains the business, risk factors, financials, objects of the issue and capital structure, but not the final price or issue size, which are added in the RHP after SEBI's observations.

Question 4

Can a company list on the SME platform instead of the main board?

Accepted Answer

Yes. The BSE SME and NSE Emerge platforms have lighter eligibility (lower post-issue capital and track-record requirements) suited to smaller companies, with mandatory market-making and the option to migrate to the main board later. We advise on the right platform based on size and objectives.

Question 5

What governance changes are needed before listing?

Accepted Answer

A listing applicant must reconstitute its board with the required independent directors, constitute the audit, nomination-remuneration and stakeholder committees, appoint a company secretary and compliance officer, adopt insider-trading and related-party-transaction policies, and put internal financial controls in place under SEBI LODR.

Question 6

What is a pre-IPO placement?

Accepted Answer

A pre-IPO placement is a private allotment of shares to investors shortly before the public issue, often to anchor valuation and reduce the public offer size. It must respect lock-in and disclosure requirements; shares allotted in the year before filing carry specific lock-in under ICDR. We coordinate valuation, structuring and compliance.

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