IPO Advisory Services in India | N D Savla & Associates

IPO Advisory

IPO Advisory Services — End-to-End IPO Readiness for Indian Companies

Financial restatement, SEBI ICDR compliance, DRHP support, corporate governance structuring and pre-IPO tax advisory for mainboard listings on NSE and BSE, and SME listings on NSE Emerge and BSE SME.

Related services: IPO Readiness Assessment DRHP Preparation IPO Certification Capital Structuring SME IPO Advisory

Overview

What Is IPO Advisory and Why Does It Matter?

An Initial Public Offering (IPO) is the most transformative event in a company's lifecycle — moving from private ownership to public capital markets reshapes governance, financial reporting obligations, regulatory compliance, and stakeholder relationships simultaneously. Companies that navigate this transition successfully treat IPO preparation as a structured programme beginning well before the merchant banker is engaged. At N D Savla & Associates, we provide comprehensive IPO advisory services for Indian companies targeting mainboard listings on NSE and BSE and SME listings on NSE Emerge and BSE SME — covering every stage from IPO readiness assessment through to listing.

Our IPO advisory services span the financial, regulatory, tax, and governance dimensions of IPO preparation — IPO readiness assessment, financial statement restatement and Ind AS implementation, SEBI ICDR compliance, DRHP preparation support, corporate governance structuring, pre-IPO tax optimisation, capital structuring, SME IPO advisory, and post-listing compliance. As qualified Chartered Accountants with deep SEBI compliance and financial reporting expertise, we act as the financial compliance partner that bridges merchant bankers, legal advisors, and management.

IPO preparation is a 6 to 12 month programme. Companies that begin IPO readiness assessment 12 to 18 months before the target listing date consistently achieve shorter timelines, cleaner SEBI reviews, and stronger valuations than those that start late.

IPO advisory provides the structured professional support a company needs to move from privately held to publicly listed — addressing every compliance, financial reporting, governance, and tax requirement the IPO process demands. The IPO advisory function makes the company itself IPO-ready — ensuring financial statements are accurate and auditable, governance meets SEBI standards, tax structure is efficient, and internal controls support public company reporting. Without robust IPO advisory support, companies encounter financial restatement issues, governance gaps, and tax exposures discovered under listing timeline pressure — each far more expensive to resolve than when addressed proactively.

SEBI regulates IPOs in India under the SEBI (Issue of Capital and Disclosure Requirements) Regulations (ICDR). Post-listing, companies must comply with the SEBI (Listing Obligations and Disclosure Requirements) Regulations (LODR). The SEBI portal publishes current ICDR and LODR regulations that govern IPO compliance in India.

Who It's For

Who Should Consider IPO Advisory Services?

IPO advisory serves companies at different stages of the journey toward public markets:

Growing Companies Planning to Raise Public Capital

Companies that have reached a scale where public capital markets offer a more efficient fundraising route — with credible growth stories, three or more years of audited financials, and management teams prepared for the obligations of a listed company. IPO advisory identifies what public markets require and closes the gaps between current state and readiness.

Businesses Preparing for SME Listing

Growing businesses targeting NSE Emerge or BSE SME listings benefit from SME IPO advisory calibrated to the specific eligibility criteria and post-listing obligations of these platforms.

Companies Requiring Pre-IPO Restructuring

Many companies need pre-IPO restructuring — simplifying shareholding structures, resolving related-party transactions, reorganising subsidiaries, or restructuring debt — before filing a clean prospectus. Our capital structuring and tax optimisation advisory addresses these structural issues before the IPO process begins.

Promoters Planning Strategic Dilution

An IPO achieves multiple objectives — primary capital raising, partial promoter exit through offer for sale, and liquidity for early investors. Our IPO advisory helps promoters structure the offering within SEBI regulations — covering lock-in requirements, offer for sale eligibility, and post-listing shareholding structure.

What We Cover

What Our IPO Advisory Services Cover

IPO Readiness Assessment

A structured IPO readiness assessment identifies gaps in financial reporting, governance, internal controls, and regulatory compliance that must be addressed before listing. Our IPO readiness assessment covers financial health evaluation, Ind AS compliance review, internal control assessment, governance gap analysis, capital restructuring requirements, and a prioritised remediation plan.

Financial Statement Restatement and Ind AS Implementation

IPO requires audited and restated financial statements for the required preceding years under Ind AS — numbers that must be consistent, complete, and capable of withstanding SEBI review. We handle financial restatement under Ind AS, historical financial clean-up, revenue recognition review under Ind AS 115, and tax exposure identification. Our Ind AS implementation service provides the technical depth this requires.

SEBI and Stock Exchange Compliance

We support SEBI ICDR compliance throughout IPO preparation — ensuring financial disclosures are accurate, regulatory filings are complete, and the DRHP is consistent with underlying financial statements. We coordinate with merchant bankers and legal advisors on due diligence queries and support the DRHP preparation process. Our IPO certification service provides the CA certificates SEBI requires.

Corporate Governance Structuring

SEBI LODR requires listed companies to have independent directors, a fully constituted audit committee, risk management committee, and policy frameworks. We assist with board restructuring and independent director onboarding advisory, audit committee formation, internal audit framework implementation, and governance policy drafting. Our corporate governance advisory provides this foundation.

Pre-IPO Tax and Capital Structuring Advisory

Tax inefficiencies identified before IPO are far cheaper to address than after listing. Our pre-IPO tax optimisation covers capital restructuring advice, ESOP structuring, promoter stake planning, corporate restructuring strategies, and resolution of historic tax exposures before they surface in SEBI review.

Due Diligence and Documentation Support

IPO due diligence requires coordinating between merchant bankers, legal advisors, registrars, auditors, and management. We act as financial compliance partner — ensuring data accuracy, timely responses to due diligence queries, consistency between DRHP disclosures and underlying financial records, and clear risk disclosure presentation.

Mainboard vs SME

IPO Advisory — Mainboard vs SME Platform

Mainboard Listings on NSE and BSE

Mainboard IPOs require full SEBI ICDR compliance — minimum paid-up capital, three years of audited Ind AS financials, mandatory independent directors, audit committee formation, and ongoing SEBI LODR compliance post-listing. Preparation timelines are typically 9 to 12 months.

SME Listings on NSE Emerge and BSE SME

SME IPO listings have lower eligibility thresholds, lighter post-listing compliance, and faster preparation timelines — appropriate for growing businesses not yet ready for mainboard listing. Our SME IPO advisory covers the specific requirements of these platforms. SME listings frequently serve as a stepping stone to mainboard migration.

Our Approach

Our IPO Advisory Process — Step by Step

Initial Consultation and Feasibility Review

We assess the company against IPO eligibility criteria — financials, governance, shareholding structure, sector, and management team — and provide an honest feasibility assessment including a realistic timeline to IPO readiness.

IPO Readiness Gap Analysis

We conduct a structured gap analysis across financial reporting, internal controls, corporate governance, tax structure, and regulatory compliance — producing a prioritised remediation plan with timelines and named owners.

Financial Restatement and Ind AS

We restate historical financial statements under Ind AS for the required years, clean up accounting errors and recognition issues, and coordinate with the statutory auditor on restated accounts.

Governance and Internal Controls

We implement the corporate governance framework required for listing — board composition, committee formation, policy drafting, and internal audit framework — and address internal control gaps.

Pre-IPO Tax and Capital Structuring

We address tax and structural issues — capital reorganisation, ESOP structuring, related-party transaction clean-up, and historic tax exposure resolution.

SEBI Compliance and DRHP Support

We support DRHP preparation from the financial and compliance side — coordinating with merchant bankers and legal advisors, responding to due diligence queries, and ensuring SEBI regulatory compliance across all financial disclosures.

Pre-Listing Compliance Sign-Off

We confirm all pre-listing compliance obligations are met — audit committee activation, internal audit framework operation, governance policy adoption, and SEBI-required certifications.

Post-Listing Compliance Transition

We support the transition to post-listing obligations under SEBI LODR — quarterly financial reporting, board and committee requirements, related party disclosures, and insider trading compliance.

Why N D Savla

Why N D Savla & Associates for IPO Advisory?

Financial reporting depth. Our IPO advisory is grounded in Ind AS, financial restatement, and audit expertise — the financial reporting quality SEBI review demands. Our Ind AS implementation and audit and assurance practices provide technical depth.

Full lifecycle coverage. From readiness assessment through certification, tax optimisation, SME IPO, and post-listing compliance — end-to-end IPO advisory in one firm.

SEBI and governance expertise. Current knowledge of SEBI ICDR and LODR regulations — ensuring IPO compliance is addressed accurately, not adapted from outdated templates.

Mid-market focus. Our IPO advisory is calibrated for mid-sized and growing Indian businesses — not just large-cap transactions.

Connected advisory. Connects with corporate governance, internal audit, transfer pricing, and ESOP advisory.

Broader Practice

Our Broader IPO and Capital Markets Services

IPO advisory sits inside a wider capital markets, valuation and transaction practice. Our related services include:

IPO Readiness AssessmentGap analysis before you start preparing.

DRHP PreparationRestated financials, KPIs and disclosure support.

IPO Certification ServicesCA certificates SEBI requires for the offer document.

Capital StructuringInstrument mix and cap table design before filing.

SME IPO AdvisoryNSE Emerge and BSE SME listing pathway.

Pre-IPO Tax OptimisationStructuring tax exposures out before review.

Corporate GovernanceBoard, committees and policy framework for listing.

Post-Listing ComplianceSEBI LODR obligations once listed.

Frequently Asked Questions

Frequently Asked Questions on IPO Advisory

What is IPO advisory and what does it cover?

IPO advisory covers financial, compliance, tax, and governance support for going public — including IPO readiness assessment, financial restatement, SEBI ICDR compliance, DRHP support, governance structuring, pre-IPO tax advisory, and post-listing compliance.

How long does IPO preparation take?

IPO preparation typically takes 6 to 12 months. Starting the IPO readiness assessment 12 to 18 months before the target listing date produces shorter timelines and cleaner SEBI reviews.

Is IPO suitable for small and mid-sized companies?

SME platforms like NSE Emerge and BSE SME are designed for smaller businesses. Our SME IPO advisory covers the complete SME listing process.

What are the key compliance requirements before an IPO?

Audited and restated Ind AS financials, corporate governance framework (independent directors, audit committee, internal audit), SEBI ICDR compliance, DRHP preparation, and pre-IPO tax and capital structuring.

What is the difference between a mainboard IPO and an SME IPO?

Mainboard IPO lists on NSE or BSE with higher thresholds and full SEBI LODR obligations. SME IPO lists on NSE Emerge or BSE SME with lower eligibility criteria and lighter ongoing compliance — the right pathway for growing businesses not yet ready for mainboard listing.

Planning an IPO? Talk to Our Advisory Team Today.

Readiness assessment, restatement, SEBI compliance and DRHP support — one team, from the first gap analysis to listing day.

Book a Consultation

Phone / WhatsApp +91 9819 000 511 | +91 9821 83 26 83 | +91 9167 058 000 | info@ndsavlaa.com | Head Office: Suite 102, L1, Ashok Premises, Nicholas Road, Andheri (East), Mumbai 400069