First call to signed mandate in 7 days
India's First AI Native Investment Bank
We make Growth-Stage Indian companies IPO-ready
7 days
To Mandate Sign
50,000+
Mapped Investors
≤ 30 Days
DRHP Ready
0%
Upfront Fees
[ 01/08 ] · PROBLEM
Most Investment Banks still
run IPOs like its 2005.
This is the reality we've accepted
Going public should feel like progress
Not paperwork. Not guesswork.
7 days
To Mandate Sign
≤ 30 Days
DRHP Ready
50,000+
Mapped Investors
0%
Upfront Fees
[ 01/08 ] · PROBLEM
Most Investment Banks still
run IPOs like its 2005.
Outlook
Your DRHP has 23 versions across 4 inboxes. Which one did SEBI see?
Slack
You listed. Now what? Your banker is on the next deal
Excel
Your pricing model broke when the analyst left
This is the reality we've accepted
Going public should feel like progress
Not paperwork. Not guesswork.
[ 02/08 ] · SOLUTION
The S45 IPO System
Readiness
Compliance
Pricing and Allocation
Check Eligibility
Screen financials and governance to confirm listing readiness
Risks Flagged
Surface disclosure gaps and control issues before diligence begins
Timeline Estimates
Generate a live roadmap, owners, and milestones that hold
One platform. Full visibility. From eligibility to aftermarket
It’s time to Rethink Listing, The S45 Way
[ 02/08 ] · SOLUTION
It’s time to rethink listing, the S45 way
The S45 IPO System
Readiness
Criteria
Result
Eligibility
Pass
Profit track
3 Yrs positive
Free float (post)
27.0%
Board Independence
2/5
Demat
NDSL/CDSL Ready
Statutory Dues > 6M
Nil
Litigation
Non-Material
Check Eligibility
Screen financials and governance to confirm listing readiness
Risks Flagged
ESOP Dilution not reflected in Cap Table
Audit committee not properly constituted
Undisclosed contingent liabilities
Tax disputes with material financial impact
Ongoing SEBI inquiries into disclosure lapses
Inconsistent revenue recognition across periods
Unexplained jumps in working capital
Risk radar
Surface disclosure gaps and control issues before diligence begins
April - Eligibility & Preparation
Financial screening & governance checks
Compliance gap-analysis
May - DRHP & Diligence
Draft DRHP finalized and submitted to SEBI
Auditor, legal, and banker diligence
Timeline clarity
Generate a live roadmap, owners, and milestones that hold
Compliance
DRHP Progress
Margin Sustainability Risk
High
Customer Concentration Exposure
High
Supply Chain Vulnerabilities
Medium
Contract Renewal Uncertainty
Medium
Foreign Exchange Volatility
Medium
KPIs for segments missing
Live DRHP Status
Track issues, sections, and evidence in one place
Provide reconciliation of FY23 margins with segment disclosures
Category
Financials
Owner
CFO
Status
Resolved
Due Date
12th Aug
Disclose all related-party transactions with nature, terms, and pricing justification
Category
Governance
Owner
Legal Counsel
Status
In Progress
Due Date
18th Aug
Clarify basis for valuation uplift in FY24 projections.
Category
Business
Owner
Lead Banker
Status
Pending
Due Date
5th Sept
SEBI Query Board
Assign owners, due dates, and close observations with proof
Overall progress
45%
Tasks completed - 5/11
Remaining (6)
SEBI Observation Response
Legal Verification Note
RPT Review & Disclosure
Underwriting Agreement
ROC Filings
Final Compliance Note
Compliance Checklist
Monitor filings and approvals so nothing slips the calendar
Pricing & Allocation
Live Pricing Band
Floor Price
₹312
QIB - FPI (Global)
₹328
QIB - Insurance Cos
₹323
QIB - Pension
₹16 (5.1%)
Demand Snapshot
QIB
1.48x
NII
0.92x
Retail
1.12x
Live Pricing Band
See floor, cap, and indicated price as bids update in real time
QIB - Domestic MF
1.52x
QIB - FPI (Global)
1.41x
NII - HNI ( Large > 10L )
0.94x
NII - HNI ( Small < 10L ))
0.89x
Demand Map
View subscription by QIB, NII, and Retail, domestic and global
Investor Category
Shares Allotted
QIB - Domestic MF
28%
QIB - FPI (Global)
14%
QIB - Insurance Cos
6%
QIB - Pension
4%
NII - HNI (Large > 10L)
12%
NII - HNI (Small < 10L)
Nil
Allocation Tracker
Track allotments by category and prepare post-issue distribution
[ 03/08 ] · PERFORMANCE
Our Team's Performance at a Glance
Key performance metrics that highlight our IPO expertise
26 IPOs
Since July 2023
168x
Average Subscription
₹1,180+ Cr
Capital Raised
43%
Average Listing Pop
₹1,83,000+ Cr
Bids Generated
+60%
Average Gain vs Issue today
325x
Demand vs Supply
47%
Last 12 months average listing pop
[ 04/08 ] · NETWORK
Institutional Network
QIB, NII, and retail distribution across domestic and offshore institutional investors
Merchant Banking Partner
And many more…
[ 05/08 ] · THE EDGE
The S45 Edge
Deep Sector Knowledge, AI-Driven Insights, Disciplined Execution
Criteria
Result
Eligibility
Pass
Profit track
3 Yrs positive
Free float (post)
27.0%
Board Independence
2/5
Demat
NDSL/CDSL Ready
Statutory Dues > 6M
Nil
Litigation
Non-Material
Acme Gears is eligible
Acme Gears is eligible
Check IPO Eligibility
Upload your company details and get instant AI-powered assessment of your IPO readiness
Ask anything...
Ask anything...
Ask anything...
AI-Powered Due Diligence
Automated compliance checks and document preparation accelerate your path to market
Strategic Go-To-Market Timing
Our expert bankers analyse market sentiment, sector trends, and economic indicators to identify the perfect IPO window for maximum valuation
Signals Validated
Peer Holdings
Mandate Notes
Recent Roadshows
Win Rates
Ticket Bands
Signals Validated
Peer Holdings
Mandate Notes
Recent Roadshows
Win Rates
Ticket Bands
Signals Validated
Peer Holdings
Mandate Notes
Recent Roadshows
Win Rates
Ticket Bands
Premium Investor Access
Signals scored to target funds with precise mandates and proven investment appetite
Listed With Confidence
Your company goes public with strong investor backing and a team that guides you through listing day and beyond
[ 06/08 ] · SECTORS WE SERVE
Sector Coverage
Sector Coverage for India’s Public Markets
Aerospace & Defence
Automotive & Mobility
Chemicals & Materials
Consumer Goods & Retail
Energy & Utilities
Financial Services
Healthcare & Life Sciences
Industrial Goods & MFG
Tech, Media & Telecom
Agriculture & Food
Education & Training
Hospitality & Tourism
Aerospace & Defence
Why Now?
Make in India and rising defence capex expand vendor order books
What We Focus On?
Offset compliance, QC audits, long-cycle revenue visibility, and disclosure readiness
Aerospace & Defence
Automotive & Mobility
Chemicals & Materials
Consumer Goods & Retail
Energy & Utilities
Financial Services
Healthcare & Life Sciences
Industrial Goods & MFG
Tech, Media & Telecom
Agriculture & Food
Education & Training
Hospitality & Tourism
Aerospace & Defence
Why Now?
Make in India and rising defence capex expand vendor order books
What We Focus On?
Offset compliance, QC audits, long-cycle revenue visibility, and disclosure readiness
Aerospace & Defence
Automotive & Mobility
Chemicals & Materials
Consumer Goods & Retail
Energy & Utilities
Financial Services
Healthcare & Life Sciences
Industrial Goods & MFG
Tech, Media & Telecom
Agriculture & Food
Education & Training
Hospitality & Tourism
Aerospace & Defence
Why Now?
Make in India and rising defence capex expand vendor order books
What We Focus On?
Offset compliance, QC audits, long-cycle revenue visibility, and disclosure readiness
[ 07/08 ] · TESTIMONIALS
Founders on S45
How The S45 Process felt on the Inside
"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."
Mr Jignesh Patel
Managing Director, Parth Electricals & Engineering
"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."
Deepanshu Manchanda
Founder and CEO, DSM Fresh Foods
"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."
Mr Jignesh Patel
Managing Director, Parth Electricals & Engineering
"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."
Deepanshu Manchanda
Founder and CEO, DSM Fresh Foods
[ 08/08 ] · FAQs
Answers to Common Questions
Learn about S45's IPO services, process, and what to expect
What is S45?
S45 is an AI-enabled Investment Bank helping Indian companies go public on SME and Main Board. We pair sector bankers with proprietary analytics for readiness, pricing, bookbuilding, listing, and post-IPO investor relations
What exactly do you do?
Three things end to end:
1) Source – eligibility, Demand Thesis (cohort view), teach-ins.
2) Diligence – Readiness Scan, data room, DRHP/RHP with auditors, counsel, and the Lead Manager.
3) List – price-band work, bookbuilding and allocation with Registrar/RTA, listing day and 30/90-day investor relations
Who is your merchant banking partner?
We execute IPOs with Narnolia as Category-I Merchant Banker (Lead Manager). S45 runs AI-led readiness, demand mapping, pricing support, and after-market investor relations
Which sectors do you cover?
Aerospace & Defence, Automotive, Chemicals, Consumer, Energy, Financial Services, Healthcare, Industrials, Technology, Agriculture, Education, and Hospitality. Each has bankers with India-specific operating and regulatory depth
What does the IPO process involve and how long does it take?
Pre-filing readiness → DRHP (SEBI) → RHP → pricing & bookbuilding (or fixed-price where applicable) → allotment with Registrar/RTA (ASBA/UPI) → listing (NSDL/CDSL) → post-IPO IR.
For SME, market maker coordination applies. Main Board is typically 6–12 months from engagement to listing, depending on audit readiness, SEBI observations, and market conditions. SME timelines can be as short as 2–3 months. We map a realistic calendar for your current state
How do you determine pricing and who are the key investor categories?
We build a valuation range using sector comps and cash-flow methods, then refine it with pre-IPO soundings and demand during the bookbuild. We do not guarantee a price or allocation. Indian IPOs allocate to QIBs (institutions), NIIs/HNIs (larger-ticket applicants), and Retail. Anchor investors may participate before the issue opens, per rules.
What are SEBI's core disclosure needs and what if we are not IPO-ready yet?
SEBI requires three years of audited financials, risk factors, related-party transactions, promoter details, use of proceeds, material contracts, and litigation. All SEBI observations must be addressed before the RHP. If you are not ready, we run a Readiness Scan and give a clear plan covering governance, disclosures, board independence, controls, and investor messaging. Many teams work with us 12–18 months before filing.
How does S45 charge and what about investor introductions?
A retainer for readiness and filing work plus milestone-linked fees tied to issue execution. Terms are discussed upfront and documented in the engagement letter. Investor previews are cohort-level only before mandate. Investor identities are shared after NDA or mandate, and outreach is coordinated with the Lead Manager.
Do you coordinate market makers for SME and support post-listing IR??
Yes. For eligible SME issues we shortlist market makers, align obligations, and integrate this into the post-listing liquidity plan. We also set an investor relations calendar, prepare earnings materials, target investors, and coordinate with analysts for coverage and liquidity over the first 30/90 days and beyond.
Do you guarantee timelines, pricing, or allotment?
No. Outcomes depend on SEBI review, market conditions, and investor demand. Our job is to prepare you thoroughly, map demand, and execute with discipline
What is S45?
S45 is an AI-enabled Investment Bank helping Indian companies go public on SME and Main Board. We pair sector bankers with proprietary analytics for readiness, pricing, bookbuilding, listing, and post-IPO investor relations
What exactly do you do?
Three things end to end:
1) Source – eligibility, Demand Thesis (cohort view), teach-ins.
2) Diligence – Readiness Scan, data room, DRHP/RHP with auditors, counsel, and the Lead Manager.
3) List – price-band work, bookbuilding and allocation with Registrar/RTA, listing day and 30/90-day investor relations
Who is your merchant banking partner?
We execute IPOs with Narnolia as Category-I Merchant Banker (Lead Manager). S45 runs AI-led readiness, demand mapping, pricing support, and after-market investor relations
Which sectors do you cover?
Aerospace & Defence, Automotive, Chemicals, Consumer, Energy, Financial Services, Healthcare, Industrials, Technology, Agriculture, Education, and Hospitality. Each has bankers with India-specific operating and regulatory depth
What does the IPO process involve and how long does it take?
Pre-filing readiness → DRHP (SEBI) → RHP → pricing & bookbuilding (or fixed-price where applicable) → allotment with Registrar/RTA (ASBA/UPI) → listing (NSDL/CDSL) → post-IPO IR.
For SME, market maker coordination applies. Main Board is typically 6–12 months from engagement to listing, depending on audit readiness, SEBI observations, and market conditions. SME timelines can be as short as 2–3 months. We map a realistic calendar for your current state
How do you determine pricing and who are the key investor categories?
We build a valuation range using sector comps and cash-flow methods, then refine it with pre-IPO soundings and demand during the bookbuild. We do not guarantee a price or allocation. Indian IPOs allocate to QIBs (institutions), NIIs/HNIs (larger-ticket applicants), and Retail. Anchor investors may participate before the issue opens, per rules.
What are SEBI's core disclosure needs and what if we are not IPO-ready yet?
SEBI requires three years of audited financials, risk factors, related-party transactions, promoter details, use of proceeds, material contracts, and litigation. All SEBI observations must be addressed before the RHP. If you are not ready, we run a Readiness Scan and give a clear plan covering governance, disclosures, board independence, controls, and investor messaging. Many teams work with us 12–18 months before filing.
How does S45 charge and what about investor introductions?
A retainer for readiness and filing work plus milestone-linked fees tied to issue execution. Terms are discussed upfront and documented in the engagement letter. Investor previews are cohort-level only before mandate. Investor identities are shared after NDA or mandate, and outreach is coordinated with the Lead Manager.
Do you coordinate market makers for SME and support post-listing IR??
Yes. For eligible SME issues we shortlist market makers, align obligations, and integrate this into the post-listing liquidity plan. We also set an investor relations calendar, prepare earnings materials, target investors, and coordinate with analysts for coverage and liquidity over the first 30/90 days and beyond.
Do you guarantee timelines, pricing, or allotment?
No. Outcomes depend on SEBI review, market conditions, and investor demand. Our job is to prepare you thoroughly, map demand, and execute with discipline
What is S45?
S45 is an AI-enabled Investment Bank helping Indian companies go public on SME and Main Board. We pair sector bankers with proprietary analytics for readiness, pricing, bookbuilding, listing, and post-IPO investor relations
What exactly do you do?
Three things end to end:
1) Source – eligibility, Demand Thesis (cohort view), teach-ins.
2) Diligence – Readiness Scan, data room, DRHP/RHP with auditors, counsel, and the Lead Manager.
3) List – price-band work, bookbuilding and allocation with Registrar/RTA, listing day and 30/90-day investor relations
Who is your merchant banking partner?
We execute IPOs with Narnolia as Category-I Merchant Banker (Lead Manager). S45 runs AI-led readiness, demand mapping, pricing support, and after-market investor relations
Which sectors do you cover?
Aerospace & Defence, Automotive, Chemicals, Consumer, Energy, Financial Services, Healthcare, Industrials, Technology, Agriculture, Education, and Hospitality. Each has bankers with India-specific operating and regulatory depth
What does the IPO process involve and how long does it take?
Pre-filing readiness → DRHP (SEBI) → RHP → pricing & bookbuilding (or fixed-price where applicable) → allotment with Registrar/RTA (ASBA/UPI) → listing (NSDL/CDSL) → post-IPO IR.
For SME, market maker coordination applies. Main Board is typically 6–12 months from engagement to listing, depending on audit readiness, SEBI observations, and market conditions. SME timelines can be as short as 2–3 months. We map a realistic calendar for your current state
How do you determine pricing and who are the key investor categories?
We build a valuation range using sector comps and cash-flow methods, then refine it with pre-IPO soundings and demand during the bookbuild. We do not guarantee a price or allocation. Indian IPOs allocate to QIBs (institutions), NIIs/HNIs (larger-ticket applicants), and Retail. Anchor investors may participate before the issue opens, per rules.
What are SEBI's core disclosure needs and what if we are not IPO-ready yet?
SEBI requires three years of audited financials, risk factors, related-party transactions, promoter details, use of proceeds, material contracts, and litigation. All SEBI observations must be addressed before the RHP. If you are not ready, we run a Readiness Scan and give a clear plan covering governance, disclosures, board independence, controls, and investor messaging. Many teams work with us 12–18 months before filing.
How does S45 charge and what about investor introductions?
A retainer for readiness and filing work plus milestone-linked fees tied to issue execution. Terms are discussed upfront and documented in the engagement letter. Investor previews are cohort-level only before mandate. Investor identities are shared after NDA or mandate, and outreach is coordinated with the Lead Manager.
Do you coordinate market makers for SME and support post-listing IR??
Yes. For eligible SME issues we shortlist market makers, align obligations, and integrate this into the post-listing liquidity plan. We also set an investor relations calendar, prepare earnings materials, target investors, and coordinate with analysts for coverage and liquidity over the first 30/90 days and beyond.
Do you guarantee timelines, pricing, or allotment?
No. Outcomes depend on SEBI review, market conditions, and investor demand. Our job is to prepare you thoroughly, map demand, and execute with discipline
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