Choosing an IPO lead manager in India
Reviewing the List of SEBI Registered Merchant Bankers?
S45 runs the AI-led IPO layer and executes with Narnolia, a Category-I SEBI-registered merchant banker acting as Lead Manager on NSE, BSE and SME listings.
- Lead Manager: Narnolia, a Category-I SEBI-registered banker
- 0% upfront fees, with all terms written before you sign
- Main Board (NSE, BSE) and SME (NSE Emerge, BSE SME) routes
26 IPOs executed by the S45 team since July 2023, with ₹1,180+ Cr capital raised.
Prefer to talk? Call +91 95879 52454
Talk to an S45 banker
Share a few details about your company and listing plans. We come back with a tailored scope and fee structure in writing.
Why founders pick S45 off the shortlist
A Category-I registered Lead Manager
Your issue is filed with Narnolia, a Category-I SEBI-registered merchant banker acting as Lead Manager. S45 runs the AI-led readiness, drafting, demand mapping and pricing support layer.
0% upfront fees
The model is a retainer for readiness and filing work plus milestone-linked fees tied to issue execution. Every term is documented in the engagement letter before you sign.
One workflow, not 23 DRHP versions
Live DRHP Status and the SEBI Query Board keep every query, owner, due date and evidence file in one place instead of four email inboxes.
Both listing routes under one team
Main Board on NSE and BSE, or SME on NSE Emerge and BSE SME. We help you pick the route that matches your size, profit track and governance maturity.
Your banker stays after listing
30/90-day IR intensives, earnings materials, market maker coordination for SME issues, migration planning and index inclusion work.
Sector bankers across 12 industries
From EPC and chemicals to SaaS, NBFC, healthcare, food and defence, the diligence and disclosure work is written by people who know the sector.
What the SEBI list shows, and what it leaves out
SEBI keeps a public register of its registered intermediaries, including merchant bankers. The register tells you who is allowed to act as a Lead Manager. It does not tell you who will draft your DRHP well, map real investor demand, or stay with you after listing day.
S45 is not the registered merchant banker. Narnolia is the Category-I SEBI-registered merchant banker and regulated Lead Manager on our deals. S45 owns the AI-led layer: readiness, drafting and regulatory workflow, pricing and distribution, and post-listing investor relations.
- Narnolia acts as the Category-I SEBI-registered Lead Manager on S45 mandates
- Main Board route: NSE and BSE, typically a 6-12 month programme from signed mandate to listing
- SME route: NSE Emerge and BSE SME, typically 2-3 months from signed mandate to listing
- 30-minute AI-powered Readiness Scan against SEBI ICDR and exchange eligibility criteria
- DRHP-ready draft in 30-45 days from a clean data room, issuer dependent
- First call to signed mandate in 7 days
- 50,000+ mapped investors across QIB, NII/HNI, retail and anchor cohorts
- Offices in Bengaluru (HQ), Mumbai and New Delhi, serving Indian companies only
Founders who have worked with the S45 team
“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 send the form
A banker calls you
We go through your revenue, profit track, cap table and listing plans, and explain how the Lead Manager role works with Narnolia.
Run the IPO Readiness Scan
The 30-minute AI scan screens financial track, free float, board independence, demat readiness, statutory dues and litigation against SEBI ICDR and exchange criteria.
Get your scope in writing
You receive a tailored engagement scope with the fee structure documented in the engagement letter before any mandate is signed.
Frequently asked questions
Where do I find the list of SEBI registered merchant bankers?
SEBI maintains a public register of its registered intermediaries, including merchant bankers, on its own website. On S45 mandates, the registered merchant banker and Lead Manager is Narnolia, a Category-I SEBI-registered merchant banker.
Is S45 itself a SEBI-registered merchant banker?
No. S45 does not act as the SEBI-registered merchant banker. Narnolia is the regulated Lead Manager. S45 runs the AI-led layer: IPO readiness, DRHP and RHP drafting, SEBI workflow, pricing and demand mapping, and post-listing investor relations.
What do your fees look like?
0% upfront. The structure is a retainer for readiness and filing work plus milestone-linked fees tied to issue execution. All terms are discussed upfront and documented in the engagement letter before the mandate is signed. Send the form for a scope and quote.
Do you handle SME listings as well as Main Board?
Yes. We work on Main Board issues on NSE and BSE and SME issues on NSE Emerge and BSE SME, including market maker appointment, lot grid modelling and later migration to the Main Board.
How long does the process take?
First call to signed mandate is typically 7 days, and a DRHP-ready draft takes 30-45 days from a clean data room. Main Board programmes usually run 6-12 months and SME issues 2-3 months from mandate. Final timelines depend on SEBI review and market conditions, so no dates are promised.
Can you share which investors will back my issue?
Before a mandate is signed, investor views are cohort level only. Specific investor identities are shared after an NDA or a signed mandate. The paid IPO Demand Thesis report (₹13,449) gives a cohort-level demand view before you commit.
Still comparing merchant bankers for your IPO?
Tell us about your company and listing plans. A banker will walk you through the route, the workflow and the fee structure, all in writing before you sign anything.
- Lead Manager: Narnolia, a Category-I SEBI-registered banker
- 0% upfront fees, with all terms written before you sign
- Main Board (NSE, BSE) and SME (NSE Emerge, BSE SME) routes
Prefer to talk? Call +91 95879 52454