Investment Banking for Financial Services
[ 01/04 ] · WHY NOW
Expanding Formal Credit Ecosystem
Deepening penetration across retail, MSME and housing segments fuels sustained credit demand
Bank–NBFC Partnership Acceleration
Scale-based norms and co-lending frameworks strengthen interconnected, multi-originator credit supply
Digital Public Infrastructure for Credit
UPI, AA, OCEN and ONDC unlock data-driven underwriting, origination and collections efficiency
Rising Retail Market Participation
Growing activity in equities and funds enhances growth visibility for brokers, AMCs and market utilities
[ 02/04 ] · OUR FOCUS
What We Focus On
A detailed look at the operational, compliance and analytics levers we evaluate to strengthen your IPO readiness
AUM mix, disbursement growth and yields by product
NIM, opex-to-AUM, credit cost, RoA/RoE bridges
GNPA, NNPA, Stage-3, PCR, write-off policy and restructuring
ALM gaps, liquidity buffers, securitisation economics and co-lending terms
Liability profile, lender concentration, rating actions and covenants
[ 03/04 ] · DELIVERABLES
Our Deliverables
A comprehensive, end-to-end IPO execution stack delivered with precision and consistency
Readiness Score & Fix List
AUM and product stack, credit policy notes, ICAAP and risk frameworks, ALM pack, lender agreements, related-party hygiene, disclosure gaps
DRHP Chapter Set
Evidence trails for vintage and static pools, GNPA or NNPA or PCR, restructuring and write-offs, ALM gaps and liquidity buffers, securitisation and co-lending files, regulatory filings
Indicative Pricing Bands
Comps across NBFC or HFC, microfinance, brokers or AMCs, payments and platform names, with sensitivities to NIM, opex to AUM, credit cost, RoA and RoE
Anchor Map
Targeted domestic and global financial specialists, long-only, insurers, AIF and PMS, with pre-soundings and diligence packs
IR Toolkit
KPI pack and model covering AUM, NIM, GNPA or NNPA or PCR, ALM profile, RoA or RoE; plus segment KPIs for brokers or AMCs (active clients, SIP), and payments (TPV, take rate), with analyst deck and earnings model
*Timelines are indicative and depend on issuer readiness, audit completion, legal diligence, SEBI observations and market conditions. We do not guarantee pricing or allotment
[ 04/04 ] · 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
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