NSE Emerge and BSE SME listings
SME IPO Advisory for NSE Emerge and BSE SME Listings
S45 is India's first AI-native investment bank. We run readiness, DRHP drafting, pricing and post-listing work, with Narnolia as the SEBI-registered Lead Manager.
- Route checked against SEBI ICDR and exchange criteria
- DRHP-ready in 30-45 days from a clean data room
- 0% upfront fees, first call to signed mandate in 7 days
26 IPOs executed by the S45 team since July 2023, with Narnolia as Lead Manager.
Prefer to talk? Call +91 95879 52454
Start your SME IPO review
Share a few details. A banker will look at your fit for NSE Emerge or BSE SME and come back with clear next steps.
Why promoters pick S45 for an SME IPO
The route decision, backed by evidence
A 30-minute AI Readiness Scan screens your financial track, free float, board independence, demat readiness and statutory dues against SEBI ICDR and exchange criteria. Then we set out NSE Emerge, BSE SME or Main Board.
Drafting without the inbox chaos
DRHP work runs in one live data room. Live DRHP Status and the SEBI Query Board show every open point, its owner and its due date, so nobody hunts for the latest version.
Investors mapped, not cold-called
Distribution works off 50,000+ mapped investors across QIB, NII/HNI and retail, scored by mandate fit, peer holdings and ticket band.
SME-specific liquidity work
Market maker shortlisting and coordination, lot grid modelling and liquidity simulations are built into the SME programme.
We stay after listing day
30/90-day IR intensives, earnings materials, analyst coverage coordination and SME to Main Board migration planning.
Fees written down before you sign
0% upfront fees. A retainer for readiness and filing work plus milestone-linked fees, all documented in the engagement letter before mandate signing.
What an SME IPO with S45 covers
SME platforms — NSE Emerge and BSE SME — follow different SEBI ICDR provisions from the Main Board, with lower paid-up capital and free float thresholds and a mandatory market maker after listing. A typical SME engagement runs about 2-3 months from signed mandate to listing, depending on SEBI review, audit readiness and market conditions.
S45 handles the four pillars end to end: IPO Readiness, Drafting and Regulatory, Pricing and Distribution, and Post-Listing and Liquidity. Narnolia acts as the Category-I SEBI-registered merchant banker and Lead Manager; S45 runs the AI-led readiness, demand mapping, pricing support and investor relations layer.
- Eligibility review for NSE Emerge vs BSE SME, plus Main Board vs SME route selection
- Cap table cleanup, ESOP and ESPS structuring, promoter minimum contribution planning
- Ind-AS restatement, segment reporting and internal financial controls readiness
- DRHP drafting, RHP updates after SEBI observations and SEBI query response management
- ISIN allocation, demat setup with NSDL and CDSL, escrow bank appointment and ASBA/UPI infrastructure
- Pricing band work, bookbuilding and allocation tracking across QIB, NII/HNI and retail
- Market maker appointment, lot grid modelling and liquidity simulations for SME issues
- Post-listing investor relations and SME to Main Board migration advisory
Track record and reach
“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
You share the basics
Tell us your revenue scale, sector and listing timeline. A banker reads it before the call, so you are not starting from zero.
Readiness scan and banker call
The 30-minute AI-powered Readiness Scan screens your financial track, free float, board, demat readiness and statutory dues against SEBI ICDR and exchange criteria.
Scope and terms in writing
You get a tailored engagement scope. All fees and terms are documented in the engagement letter before any mandate is signed.
Frequently asked questions
How are your fees structured for an SME IPO?
0% upfront fees. The engagement is a retainer for readiness and filing work plus milestone-linked fees tied to issue execution. Every term is discussed and documented in the engagement letter before you sign a mandate.
How long does an SME IPO take?
SME issues on NSE Emerge or BSE SME typically run about 2-3 months from signed mandate to listing. The DRHP can be ready in 30-45 days from a clean data room. Final timing depends on SEBI review, audit readiness and market conditions.
Do we qualify for NSE Emerge or BSE SME?
SME platforms follow different SEBI ICDR provisions from the Main Board, with lower paid-up capital, free float and profitability thresholds. The SME route usually suits promoter-led companies with roughly ₹20-100 Cr revenue and a 2-3 year profit record. The Readiness Scan checks your position against the criteria.
Who is the SEBI-registered merchant banker?
Narnolia, a Category-I SEBI-registered merchant banker, acts as the regulated Lead Manager. S45 runs the AI-led readiness, drafting support, demand mapping, pricing support and post-listing investor relations layer.
Do you arrange the market maker for an SME issue?
Yes. Market making is mandatory on SME platforms. We shortlist and coordinate the market maker, structure the agreement in line with exchange obligations, model the lot grid and run liquidity simulations.
Can we see investor demand before committing to a mandate?
You can start with the IPO Demand Thesis report at ₹13,449, usually delivered within about 24 hours of receiving your inputs. It gives a cohort-level view of demand by region and category. Specific investor identities are only shared after an NDA or signed mandate.
Check your SME IPO route with a banker
Send a few details about your company. We will screen you against SEBI ICDR and exchange criteria, walk you through the NSE Emerge and BSE SME options, and put scope and fees in writing before anything is signed.
- Route checked against SEBI ICDR and exchange criteria
- DRHP-ready in 30-45 days from a clean data room
- 0% upfront fees, first call to signed mandate in 7 days
Prefer to talk? Call +91 95879 52454