Pricing and Distribution
Price discovery with comparable company analysis. Build the book with institutional conviction across QIB, NII (HNI) and Retail for Main Board and SME.
[ 01/05 ] · WHAT WE DO
What We Do
Pricing and valuation: comparable company analysis with India comps for SME, India and global comps for Main Board, operational bridge analysis
Valuation scenarios and sensitivity analysis with price band recommendation within SEBI-prescribed price band norms
Anchor allocation strategy: long-only funds, sector specialists, insurance companies, AIFs with eligibility screening
Anchor investor information memoranda and wall-crossing logs per SEBI PIT regulations with confidentiality protocols
Roadshow design: management training, investor grid and meeting schedule within ICDR publicity guidelines
Media coordination for permitted statutory disclosures only, no selective communications during book-building
Book building and allocation: daily bidding reports, book updates, bid quality analysis and investor classification review
Allocation methodology documentation across QIB, NII and Retail Individual Investors per SEBI category requirements
Basis of allotment run with registrar or RTA and exchange coordination, allocation approval and press communication
Listing day choreography with exchanges, depository and communications within disclosure rules
[ 02/05 ] · SME FOCUS
Market maker coordination embedded in the distribution plan for post-listing liquidity
Lot size and spread strategy linked to retail demand shaping and after-market liquidity targets
Retail Individual Investor accessibility through optimal lot sizing for NSE Emerge or BSE SME
Post-listing price stability coordination where permitted by exchange rules and market maker agreement
[ 03/05 ] · DELIVERABLES
Our Deliverables
Pricing Recommendation
Pricing recommendation with comparable analysis, operational bridges and price band within regulatory norms
Anchor Investor Map
With diligence kits and wall-crossing documentation
Roadshow Presentation
Investor meeting schedule within permitted communication guidelines
Book Building MIS
Daily reports, final allocation pack, statutory filings and press communication
[ 04/05 ] · REQUIREMENTS
Key Requirements & Operating Framework
Inputs We Need
Latest quarter financials, approach to forward-looking statements within SEBI guidelines, management availability, approved statutory disclosures
Indicative Timeline
3 to 4 weeks from RHP filing to listing, subject to subscription levels, SEBI observations and market conditions
Compliance Notes
ASBA or UPI application flows validated. Price discovery through book-building. Final price determined by issuer and Lead Manager within regulatory price band. QIB, NII and Retail category allocations per ICDR. Anchor lock-in periods observed. No promises on allocation, pricing or listing performance
[ 05/05 ] · 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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