Pre-IPO Advisory for Indian Companies
IPO Readiness Assessment for Growth-Stage Indian Companies
S45 checks your financials, governance, cap table and disclosures against SEBI ICDR and exchange criteria, then shows you what to fix before you file.
- 30-minute AI-powered Readiness Scan of your key gaps
- Main Board vs NSE Emerge / BSE SME route advice
- 0% upfront fees, with all terms set out before mandate
India's first AI-native investment bank. IPOs executed with Narnolia as Lead Manager.
Prefer to talk? Call +91 95879 52454
Talk to an S45 banker
Tell us about your company and we will come back with a readiness scope for your listing plan.
Why founders and CFOs start with a readiness assessment
Know where you stand
We screen financial track record, free float, board independence, demat readiness with NSDL/CDSL, statutory dues and material litigation against SEBI ICDR and exchange criteria.
Find issues early
AI Risk Radar surfaces disclosure gaps before formal diligence: ESOP dilution missing from the cap table, audit committee composition, contingent liabilities, tax disputes and revenue recognition gaps.
Pick the right route
We compare NSE/BSE Main Board against NSE Emerge and BSE SME for your size, profit track record and governance maturity, so you file on the platform that fits.
A clear fix list
You get concrete readiness work: Ind-AS restatement, segment reporting, internal financial controls, cap table cleanup, ESOP/ESPS structuring and promoter minimum contribution planning.
0% upfront fees
Our model is a retainer for readiness and filing work plus milestone-linked fees on execution. Every term is documented in the engagement letter before you sign a mandate.
One connected workflow
Sector bankers work inside a live data room with evidence-linked drafting, instead of DRHP versions spread across email inboxes.
What an S45 IPO readiness assessment covers
Most Indian companies engage S45 12 to 18 months before filing. The assessment starts with a 30-minute AI-powered Readiness Scan and can scale into full readiness work that prepares your financials, governance and disclosures for a DRHP.
S45 runs the AI-led readiness, demand mapping, pricing support and post-listing investor relations layer. IPOs are executed with Narnolia, a Category-I SEBI-registered merchant banker acting as the regulated Lead Manager.
- Eligibility screening against SEBI ICDR Regulations and NSE / BSE / NSE Emerge / BSE SME criteria
- Main Board vs SME route selection for your revenue scale and profit track record
- Governance and disclosure readiness, board composition and independent director review
- Ind-AS restatement, segment reporting, revenue recognition and internal financial controls
- Cap table cleanup, ESOP and ESPS structuring, promoter minimum contribution planning
- Related-party transaction disclosure and material litigation review
- Data room setup, DRHP drafting kickoff and IPO project management
- SME extensions: market maker shortlisting, lot size modelling and liquidity simulations
- Sector coverage across 12 industries, from healthcare and financial services to EPC, chemicals and SaaS
The S45 track record
“In our EPC and electricals business, the biggest worry is whether a banker will truly understand how work actually gets done, but with S45 that clarity came immediately. They grasped our contracts, receivables, working-capital cycles and project timelines faster than anyone we've worked with, and the entire process felt structured and predictable. Every requirement was asked once, every step had an owner and deadline, and there was no noise, no chaos, no last-minute fire drills. Their AI-led readiness caught issues early and they built a clean, disciplined book with the right investors. Looking back, the real value was not just going public but how calm, precise and professional the entire journey felt, S45 set a new benchmark.”
“In our business of fresh foods and cold chain, an IPO is less about paperwork and more about judgment, and that is where S45 really stood out. They understood our unit economics, supply chain realities and city-wise brand perception faster than most bankers, so nothing had to be explained twice. Execution was equally sharp: every deliverable was ahead of schedule, every number in the DRHP was pre-validated, and every projection came with a clear narrative. They did not just help us list, they helped us list well with the right mix of investors and steady guidance in the early weeks. When I see our stock trade with stability and gradual compounding, I know it is the outcome of a disciplined, tech-led, founder-friendly process.”
What happens after you submit
Short intake call
A banker asks about your revenue scale, audited financials, shareholding and listing timeline to see which route fits.
Readiness scan and gap review
We run the 30-minute AI-powered Readiness Scan and review the gaps across financials, governance, cap table and disclosures.
Scope and next steps
You get a tailored engagement scope with readiness actions and route options. Terms are documented before any mandate is signed.
Frequently asked questions
What does an IPO readiness assessment cost?
S45 works on 0% upfront fees. The engagement structure is a retainer for readiness and filing work plus milestone-linked fees tied to issue execution. All terms are discussed and documented in the engagement letter before a mandate is signed. Share your details and we will scope it for you.
How long does the assessment take?
The AI-powered Readiness Scan takes about 30 minutes. Deeper readiness work depends on your data room and audit position. From a clean data room, S45 works to a DRHP-ready draft in 30 to 45 days, which is issuer dependent.
Who is this for?
Founders, promoters, MDs, CEOs, CFOs, company secretaries, audit committee chairs and boards of Indian companies targeting an IPO in the next 12 to 24 months, on the NSE/BSE Main Board or on NSE Emerge and BSE SME.
Should we list on the Main Board or an SME platform?
That is part of the assessment. Main Board suits companies with larger revenue scale and a three-year audited profit track record. SME platforms have lower thresholds and need a market maker. We compare both against your numbers and governance maturity.
Do you work with companies outside India?
No. S45 works with Indian companies listing on NSE, BSE, NSE Emerge and BSE SME. We are headquartered in Bengaluru with offices in Mumbai and New Delhi.
Is S45 the SEBI-registered merchant banker?
No. IPOs are executed in partnership with Narnolia, a Category-I SEBI-registered merchant banker that acts as the regulated Lead Manager. S45 runs the AI-led readiness, drafting support, demand mapping, pricing support and post-listing investor relations layer.
Can you promise our IPO will be priced or subscribed at a certain level?
No. Pricing, allocation, allotment, listing outcomes and the final timeline depend on SEBI review, market conditions and investor demand under SEBI ICDR norms. We commit to process and disclosure quality, not outcomes.
See how listing-ready your company is
Share a few details about your company and listing plans. An S45 banker will walk you through the readiness scan, the gaps to close and the route that fits your size and sector.
- 30-minute AI-powered Readiness Scan of your key gaps
- Main Board vs NSE Emerge / BSE SME route advice
- 0% upfront fees, with all terms set out before mandate
Prefer to talk? Call +91 95879 52454