From SME IPO readiness to life as a listed company
We prepare growing companies for listing on the SME platforms and support listed entities with the financial side of SEBI compliance.
Overview
SEBI tightened the SME IPO route in 2025, with profitability requirements, limits on offers for sale and closer scrutiny of how proceeds are used, and is consulting on further changes. Companies that prepare early spend less time answering exchange and merchant banker queries.
After listing, results, shareholding, related party disclosures and governance filings follow a fixed calendar. We manage the finance and audit side of that calendar with your company secretary.
What we handle
IPO readiness review
Eligibility under Chapter IX of the ICDR Regulations, profitability, promoter holding, related party clean-up and governance gaps.
Restated financial statements
Restated financials and examination reports for the offer document, with the financial indebtedness and tax disclosures that go with them.
Due diligence support
Working with merchant bankers and legal counsel on financial due diligence and responses to exchange queries.
Results and filings
Quarterly or half-yearly results under Regulation 33, limited review, statements of deviation and integrated financial filings.
Related party transactions
Policies, audit committee approvals and half-yearly disclosures of related party transactions.
Migration to main board
Readiness for migration from the SME platform to the main board once the company qualifies.
Typical situations
- A profitable private company planning to list on BSE SME or NSE Emerge
- An SME-listed company preparing its half-yearly results
- A listed entity reviewing related party transactions before the audit committee meeting
- Promoters restructuring holdings before filing the draft offer document
Laws and regulations
- SEBI (ICDR) Regulations, 2018 — Chapter IX
- SEBI (LODR) Regulations, 2015
- SEBI (SAST) Regulations, 2011
- SEBI (PIT) Regulations, 2015
- Companies Act, 2013
Frequently asked questions
What profitability does an SME IPO need?
Since the 2025 amendments, an issuer must have an operating profit (EBITDA) of at least ₹1 crore in two of the three preceding financial years, in addition to the exchange's own criteria.
How often does an SME-listed company publish results?
Half-yearly, within 45 days of the end of each half year. Main-board companies publish quarterly results.
Do you act as the company's statutory auditor for the IPO?
We can act as auditor or peer-reviewed examiner where independence rules allow, or support the company's finance team alongside another auditor.
Got a notice, a deadline or a big decision?
Tell us what you are facing and when it is due. A partner will get back to you.