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Transique at ICAI’s 2-Day Workshop on Startups

June 23, 2026
ICAI Workshop on Startups – Event Participation | Transique Corporate Advisors

Transique at ICAI’s 2-Day Workshop on Startups | CA. Chander Sawhney on Structuring Investment Instruments for SME IPOs

Our Founder, CA. Chander Sawhney, was invited as a Guest Speaker at the 2-Day Workshop on Startups organised by the Northern India Regional Council (NIRC) of The Institute of Chartered Accountants of India (ICAI).

Event
2-Day Workshop on Startups
Date
12th – 13th June 2026
Time
10:00 AM – 5:00 PM
Venue
FITT, IIT Delhi, Hauz Khas, New Delhi
About the Speaker
CS

CA. Chander Sawhney

Founder, Transique Corporate Advisors

CA. Chander Sawhney presented Session 2: Structuring Investment Instruments on Day 1 (Friday, 12th June 2026) from 11:30 AM to 1:00 PM. The session covered structuring investment instruments for startups and SMEs looking to raise capital through the IPO route, drawing from Transique’s extensive experience in SME IPO advisory.

Event Details
Organised By
NIRC of ICAI
Program Coordinator
CA. Nitish Kumar Chugh
Chairman, NIRC
CA. Navya Malhotra
Secretary, NIRC
CA. Hitesh Goyal

Workshop Agenda Highlights

The 2-day workshop featured 9 sessions across both days, covering the full startup lifecycle:

  • Day 1: Startup Formation & Economics, Structuring Investment Instruments (Transique’s session), Taxation & Regulatory Aspects, Employee Stock Option Plans, Valuations & Raising Funds
  • Day 2: Exit Strategies, Case Studies, CA as Strategic Advisors & Wealth Managers
Presentation: SME IPO – Opportunity & Trends

CA. Chander Sawhney presented a comprehensive overview of India’s SME IPO landscape covering data up to March 2026. Here are the key insights shared during the session:

1,440+
Companies Listed on SME Exchanges
₹37,400 Cr+
Total Equity Funds Raised
360+
Companies Migrated to Mainboard
226%
Incremental Valuation Created

Key Insights from the Presentation

  • ~1,440 companies have raised INR ~37,407 Cr through SME IPOs (BSE SME/NSE EMERGE) from January 2012 to March 2026, across 36+ industries.
  • During April 2021 to March 2026, ~895 companies were listed and raised INR ~30,855 Cr — representing ~62% in number and ~83% in value of total SME IPOs.
  • Average SME IPO size has grown significantly to ~INR 47 Cr from ~INR 6 Cr in 2020, indicating improved scale and investor appetite.
  • SME IPO market capitalization increased from ~₹1.34 Lakh Cr at issue to ~₹4.37 Lakh Cr as of April 2026 — a 226% growth, demonstrating strong value creation.
  • Average subscription surged from 11x in CY2021 to a peak of 192x in CY2024 before normalising, while listing gains peaked at ~60.7% in CY2024.
  • Maharashtra, Gujarat, and Delhi dominate SME IPO activity, accounting for 69% of IPOs and 68% of total capital raised.
  • IT & Tech Solutions, Metal, and Healthcare together account for ~24% of total capital raised, with the top 5 sectors contributing ~36%.
  • The share of capital raised through ₹50 Cr+ IPOs increased from ~20% in CY2021 to ~58% in CY2025, indicating structural market maturation.

Value Creation Through SME IPOs

The presentation highlighted how SME IPOs have been a powerful vehicle for wealth creation. Market capitalisation of listed SME companies grew from ~₹1.34 Lakh Crore at issue to ~₹1.67 Lakh Crore at listing, and further to ~₹4.37 Lakh Crore as of April 2026. This represents a 226% growth over the issue market cap, underlining the long-term value creation potential of the SME IPO platform.

Future Outlook

The SME IPO market has entered a phase of normalisation and consolidation in 2025, marked by heightened investor selectivity and disciplined capital allocation. What the market is witnessing is not a slowdown, but a healthy reset — the beginning of a more sustainable, quality-led phase for India’s SME capital markets.

Looking ahead to 2026, the landscape is expected to remain quality-led and highly selective, with average issue sizes sustained at elevated levels and capital increasingly channelled toward scalable, well-governed enterprises. The recent SME IPO of Q-Line Biotech in May 2026, a Tier 2 company from Lucknow raising ~INR 215 Crores, has rebuilt trust in the SME IPO ecosystem.

Key Benefits of SME IPO Highlighted

  • Access to equity capital and future financing opportunities
  • Generates liquidity for Promoters and creates exit options for investors
  • Unlocking shareholders’ value and wealth creation with no loss of control
  • Easier listing norms, 100% underwriting, and relaxed post-listing compliances
  • Enhanced visibility, credibility, and better corporate governance
  • Possible transition to NSE/BSE Mainboard subject to specified conditions
View the Full Presentation

Browse through the complete presentation deck shared by CA. Chander Sawhney at the ICAI Workshop:

If the PDF does not display above, click here to open the presentation.

Frequently Asked Questions
A Public Limited Company (“Issuer”) can raise funds from the public by issuing its equity shares through an Initial Public Offer (SME IPO) on the SME segment of the nationwide stock exchanges, i.e., NSE EMERGE and BSE SME, subject to specified conditions. Unlike a mainboard IPO, an SME IPO requires only stock exchange approval rather than SEBI approval, and offers 100% underwriting of the issue.
As of March 2026, approximately 1,440 companies have raised INR ~37,407 Crore through SME IPOs (BSE SME/NSE EMERGE) from January 2012, across 36+ industries. Nearly 360 companies have already migrated from the SME platform to the mainboard exchanges.
Key benefits include access to equity capital and future financing opportunities, liquidity for promoters, exit options for investors, unlocking shareholder value without loss of control, easier listing norms with reduced timelines, 100% underwriting, relaxed post-listing compliances, reduced tax rates on listed shares, enhanced visibility and credibility, ESOP benefits for employee retention, and the possibility of migrating to the NSE/BSE Mainboard.
The key differences include: SME IPOs require only stock exchange approval instead of SEBI approval, offer 100% underwriting ensuring IPO success, have easier listing norms and a more streamlined process, shorter timelines, and relaxed post-listing compliance requirements compared to mainboard IPOs. The average SME IPO size is currently around INR 47 Crore.
SME IPOs have demonstrated exceptional value creation. The total market capitalisation of SME-listed companies grew from ~₹1.34 Lakh Crore at issue to ~₹4.37 Lakh Crore as of April 2026 — a 226% increase. Listing gains peaked at ~60.7% in CY2024, while average subscription surged from 11x in CY2021 to 192x in CY2024.
Key preparations include: converting to a Public Limited Company, setting appropriate capital structure, increasing authorised share capital as required, appointing 50% Independent Board (including 1 Woman Director), pre-issue due diligence, restructuring financials aligned with long-term vision, restating financial statements for the last 3 years through Peer Reviewed Auditors (financials must not be older than 6 months at time of DRHP/RHP submission), getting the company website functional, and getting shares in demat form.
IT & Tech Solutions, Metal, and Healthcare together account for ~24% of total capital raised, with the top five sectors contributing ~36%. Geographically, Maharashtra (29%), Gujarat (26%), and Delhi (14%) dominate, together accounting for 69% of all SME IPOs and 68% of total capital raised. Tier 1 cities account for approximately 66% of total IPOs and 69% of funds raised.
The SME IPO market has entered a phase of normalisation in 2025–26, characterised by heightened investor selectivity and disciplined capital allocation. This is a healthy reset — not a slowdown. Looking ahead, the market is expected to remain quality-led, with average issue sizes sustained at elevated levels and capital increasingly flowing toward scalable, well-governed enterprises. IPOs are evolving from pure capital-raising events into strategic instruments for long-term value creation.
Yes. Nearly 360 companies have already migrated from the SME platform to the mainboard exchanges, demonstrating the growth and scalability of SMEs in India. This transition is subject to meeting specified conditions set by the stock exchanges and SEBI.
Transique Corporate Advisors provides end-to-end advisory services for SME IPO readiness including equity fund raising, IPO advisory, M&A, business valuations, and transaction advisory. Transique can handhold your company through the entire process of going public — from pre-IPO preparation to successful listing. You can assess your readiness using the SME IPO Readiness Scorecard or book a complimentary consultation to discuss your requirements.

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