SME IPO Advisory for Indian Companies
SME IPO Consultant for NSE Emerge and BSE SME Listings
S45 runs the AI-led layer of your SME IPO, with Narnolia as Category-I SEBI-registered Lead Manager. From readiness to life after listing.
- 0% upfront fees, then milestone-linked fees
- Mandate to SME listing timeline of 2-3 months
- DRHP-ready in 30-45 days from a clean data room
26 IPOs executed by the S45 team since July 2023, with ₹1,180+ Cr raised.
Prefer to talk? Call +91 95879 52454
Plan your SME IPO
Tell us about your company. A banker will walk you through route options, readiness gaps and scope.
Why promoters pick S45 for an SME IPO
No upfront fee
You pay a retainer for readiness and filing work plus milestone-linked fees. All terms are written into the engagement letter before you sign.
A regulated Lead Manager
S45 executes with Narnolia, a Category-I SEBI-registered merchant banker acting as the Lead Manager on your issue.
Fast, structured start
First call to signed mandate in 7 days. A 30-minute AI Readiness Scan shows where you stand before you commit.
One place for the paperwork
Live DRHP Status and the SEBI Query Board keep every draft, owner and due date in one workflow instead of four inboxes.
Investor reach built in
Demand mapping across 50,000+ mapped investors covering QIB, NII/HNI and retail, plus anchor targeting per SEBI rules.
We stay after listing
Market maker appointment, lot grid modelling, IR calendars and Main Board migration planning once you are listed.
What our SME IPO services cover
S45 takes eligible Indian SMEs to the NSE Emerge and BSE SME platforms. SME issues follow different SEBI ICDR provisions from the Main Board, with lower minimum post-issue paid-up capital, different free float and profitability thresholds, and a mandatory market maker after listing.
Work usually starts 12-18 months before filing. We check eligibility, pick the right platform, clean up the cap table, draft the DRHP, run the bookbuild with Narnolia as Lead Manager, and stay on for post-listing investor relations.
- Eligibility check against SEBI ICDR and exchange criteria, plus NSE Emerge vs BSE SME route selection
- 30-minute AI-powered IPO Readiness Scan and AI Risk Radar for disclosure and control gaps
- Cap table cleanup, ESOP/ESPS structuring and 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
- ASBA/UPI setup, ISIN allocation, demat with NSDL/CDSL and escrow bank appointment
- Pricing band work, bookbuilding and QIB / NII / HNI / retail demand mapping
- Market maker appointment, lot size modelling, liquidity simulations and SME to Main Board migration advisory
The S45 team track record since July 2023
“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
Discovery call
A banker reviews your financials, promoter structure and goals, then explains whether NSE Emerge or BSE SME fits better.
Readiness and scope
We run the AI Readiness Scan, flag gaps in governance, financials and disclosure, and send a written scope with fee terms.
Mandate and execution
On signing, we open the data room, start DRHP drafting with Narnolia as Lead Manager and track every SEBI query to closure.
Frequently asked questions
How much does an SME IPO consultant cost?
S45 charges 0% upfront. The structure 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, and a banker gives you a tailored scope and quote after the first call.
Is S45 the SEBI-registered merchant banker?
No. S45 executes IPOs 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.
How long does an SME IPO take?
A typical SME engagement runs 2-3 months from signed mandate to listing, and DRHP-ready is targeted in 30-45 days from a clean data room. Actual timing depends on your audit readiness, SEBI review and market conditions, so no final date can be promised.
Which companies are a fit for NSE Emerge or BSE SME?
The practice is built for promoter-led Indian SMEs with roughly ₹20-100 Cr revenue, a demonstrated 2-3 year profitability record and growth capital needs. We check your numbers against SEBI ICDR and exchange criteria before recommending a route.
Do you handle the market maker requirement?
Yes. SME platforms require a market maker. We shortlist and appoint the market maker, structure the agreement against exchange obligations, model the lot grid and monitor post-listing trading activity.
Can we move to the Main Board later?
Yes. We advise on migration from NSE Emerge or BSE SME to the Main Board, typically considered 2-3 years after SME listing once audited growth meets Main Board thresholds.
Do you share investor names before we sign?
Investor previews before mandate signing are cohort-level only. Specific investor identities are shared only after an NDA or a signed mandate.
Ready to look at your SME IPO route?
Send your details and a banker will come back with route options, readiness gaps and a clear scope. No upfront fee to start the conversation.
- 0% upfront fees, then milestone-linked fees
- Mandate to SME listing timeline of 2-3 months
- DRHP-ready in 30-45 days from a clean data room
Prefer to talk? Call +91 95879 52454