Category-I Lead Manager + AI-led bank
IPOs Run With a SEBI Registered Merchant Banker
Narnolia is the Category-I SEBI-registered merchant banker and Lead Manager. S45 runs the AI-led readiness, DRHP work, demand mapping and post-listing IR.
- Narnolia files as your Category-I regulated Lead Manager
- 0% upfront fees: retainer plus milestone-linked fees
- Main Board (NSE, BSE) or SME (NSE Emerge, BSE SME) routes
26 IPOs executed since July 2023, with ₹1,180+ Cr raised
Prefer to talk? Call +91 95879 52454
Talk to an S45 banker
Tell us about your company and your listing plans. We will come back with scope, route and next steps.
Why founders pick this setup
A regulated Lead Manager on the file
Narnolia, a Category-I SEBI-registered merchant banker, acts as the Lead Manager for the issue. S45 works alongside as the AI-led execution layer.
Readiness checked before you file
A 30-minute AI Readiness Scan screens financial track, free float, board independence, demat readiness, statutory dues and material litigation.
One workflow, not 23 drafts in 4 inboxes
Live DRHP Status and the SEBI Query Board give every query an owner, a due date and evidence closure tracking.
Investor demand mapped, not cold called
50,000+ mapped investors across QIB, NII and HNI, retail via ASBA/UPI, and anchor investors per SEBI rules.
0% upfront fees
Retainer for readiness and filing work plus milestone-linked fees on execution. All terms are documented in the engagement letter before you sign.
We stay after listing day
30/90-day IR intensives, earnings materials, market maker coordination for SME issues and Main Board migration support.
Who does what on your IPO
Under SEBI rules, a public issue is filed and managed by a registered merchant banker. Narnolia holds the Category-I SEBI registration and acts as the Lead Manager on issues S45 works on.
S45 is India's first AI-native investment bank. We run the layer around the filing: readiness, drafting support, SEBI workflow tracking, pricing support, demand mapping and investor relations after listing.
- Narnolia acts as the Category-I SEBI-registered merchant banker and Lead Manager
- S45 runs IPO readiness, drafting support, demand mapping and post-listing IR
- Eligibility checked against SEBI ICDR rules and NSE or BSE exchange criteria
- Route advice: Main Board on NSE and BSE, or SME on NSE Emerge and BSE SME
- DRHP drafting, RHP updates after SEBI observations and SEBI query responses
- ASBA and UPI setup, ISIN allocation, demat with NSDL and CDSL, escrow bank appointment
- Bookbuilding, anchor allocation per SEBI rules and QIB, NII and retail demand mapping
- Post-listing IR, market maker appointment for SME issues and Main Board migration work
Track record and partners
“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
We call you back
Share your sector, revenue scale, audit status and when you want to list. We tell you which route fits.
Readiness scan and scope
Run the 30-minute AI Readiness Scan. You get a view of gaps, the Main Board versus SME call, and a written scope with fee terms.
Mandate and execution
Mandate is typically signed 7 days from the first call. Narnolia acts as Lead Manager while S45 runs drafting, demand mapping and post-listing IR.
Frequently asked questions
Is S45 itself a SEBI registered merchant banker?
No. S45 executes IPOs in partnership with Narnolia, a Category-I SEBI-registered merchant banker who acts as the regulated Lead Manager. S45 runs the AI-led readiness, drafting, demand mapping and post-listing layer.
What does a Category-I merchant banker do on an IPO?
The Category-I merchant banker acts as Lead Manager: it files the offer document with SEBI, handles the regulatory interface and manages the issue process under SEBI ICDR rules.
How are fees structured?
0% upfront. The engagement is a retainer for readiness and filing work plus milestone-linked fees tied to issue execution. Every term is written into the engagement letter before the mandate is signed.
How long does the process take?
Mandate is typically signed 7 days from the first call, and a DRHP-ready draft takes 30 to 45 days from a clean data room, depending on the issuer. Main Board programmes usually run 6 to 12 months from mandate to listing and SME issues 2 to 3 months. Final timelines depend on SEBI review and market conditions.
Which companies do you work with?
Indian growth-stage companies listing on NSE, BSE, NSE Emerge or BSE SME, across 12 sectors. We do not work with companies outside India, and we do not offer retail investing, trading or IPO application services.
Will you share investor names before we sign?
Investor previews before mandate are cohort-level only. Specific investor identities are shared after an NDA or a signed mandate. A paid IPO Demand Thesis report gives a cohort-level demand view for ₹13,449.
Ready to plan your listing?
Talk to an S45 banker about your route, your readiness gaps and the scope of work with a Category-I SEBI-registered merchant banker as Lead Manager.
- Narnolia files as your Category-I regulated Lead Manager
- 0% upfront fees: retainer plus milestone-linked fees
- Main Board (NSE, BSE) or SME (NSE Emerge, BSE SME) routes
Prefer to talk? Call +91 95879 52454