Transique helps promoters take their companies public on NSE Emerge and BSE SME, and on the main board when the company is ready for it. We work for the company, and with its promoters and prepare them for the IPO, helping you understand the entire process. We work with the company’s management and KMP’s on the expectations of the markets, Investors and the Regulators, discuss and explain how does the business and share Valuation works considering the Sector, Industry trends, business model, historical, year to date and future financials (including Revenue growth, Operating and Net Profit margins, ROCE etc.) and comparative valuations of the peer companies. Detailed discussions are held with the management on the structure of IPO including the Issue proceeds – fresh and OFS and the deployment of the fresh proceeds towards working capital, capex, repayment of debt etc. We believe that preparation and right guidance before and during the IPO listing process is quite essential for the promoters, management and KMP’s of a company transitioning from a closely held unlisted company to a publicly listed company and the expectations that comes with it. We do not refer you but handhold you during the entire journey till the listing is done and even beyond that for the optimum unlocking of your business value as your Trusted advisor.
Unlike a debt raise, where the company has to repay the debt with interest a public listing raises equity capital from the public at large without any repayment obligations.
Further, unlike a private equity round, a listing raises growth capital without giving investors board seats or veto rights. Promoters and management stay in control, and the company gains a market valuation, visibility with customers and lenders, and a currency for future fundraising.
*As publicly reported at the time of issue; excludes a ₹27.44 crore pre-IPO placement.
Every listing mandate draws on the same senior team. Choose the stage you are at:
| Service | What it covers |
|---|---|
| SME IPO Advisory | End-to-end issuer-side advisory for NSE Emerge and BSE SME: We handhold you from planning till Listing and beyond. |
| Main-Board IPO Advisory | Structuring and issuer-side advisory for profitable mid-market companies listing on NSE and BSE. Recommended above INR 250 cr. Issue Size. |
| Pre-IPO Advisory & Placement | Governance, capital-structure and financial-reporting readiness 12–24 months before filing; pre-IPO rounds structured so they do not cap listing valuation. |
| SME IPO Readiness Scorecard | A two-minute check of your company against the main SME IPO eligibility criteria. |
| IPO Readiness Diagnostic | A fixed-scope assessment of your gaps against SEBI and exchange requirements, with a red/amber/green remediation plan. |
| SME to Main-Board Migration | Planning and execution for SME-listed companies ready for the main board. |
| IPO Valuation | Independent pre-IPO and IPO valuation by IBBI Registered Valuers, to anchor pricing discussions. |
For listed companies raising capital or making an offer, see Preferential Allotment and QIP, Open Offer & Buyback under Capital Markets Advisory.
The main SEBI requirements for SME issuers are summarised below. The exchanges add their own criteria, and SEBI is reviewing the SME framework, so treat this as a starting point.
| Requirement | What it means (as of September 2026) |
|---|---|
| Track record | At least three years of operations. |
| Profitability | Operating profit (EBITDA) of at least ₹1 crore in two of the three preceding financial years. |
| Size | Post-issue paid-up capital of up to ₹25 crore. Most SME issues raise ₹25–100 crore; larger issues are possible till ~₹200 crore on SME platform. |
| Exchange criteria | NSE Emerge and BSE SME apply additional tests; NSE Emerge includes a free-cash-flow-to-equity test. |
| Offer for sale | Capped at 20% of the issue; each selling shareholder may sell no more than 50% of their pre-issue holding. |
| Use of proceeds | General corporate purposes capped at 15% of the fresh issue or ₹10 crore, whichever is lower. Proceeds cannot repay promoter or related-party loans. |
| Monitoring | A monitoring agency is required where the fresh issue exceeds ₹50 crore. |
| Promoter lock-in | Minimum promoter contribution of 20% locked in for three years; the excess released half after one year and the balance after two. |
| Task | Merchant banker | With Transique |
|---|---|---|
| Fix readiness gaps before filing | Flags issues; fixing them is the company’s job | Gap assessment and remediation plan, owned with you |
| Choose the merchant banker | — | Structured RFP to minimum 3 merchant bankers; selection on capability, investor relationships, underwriting strength and fee transparency |
| Own the DRHP calendar | Drafts and files | Runs the timetable across merchant banker, auditors, lawyers and the company |
| Exchange and SEBI observations | Responds as lead manager | Prepares company inputs quickly and consistently — often the biggest timeline risk |
| Valuation and equity story | Prices through book building | Independent view of value drivers and peers, backed by IBBI Registered Valuers and deep Industry experience as Business Valuers and IPO experts |
| Life after listing | Limited role | Disclosure, investor-relations and capital plan, including a route to further fund raise (preferential allotments) and the main board migration |
Durations are indicative; most SME IPOs take nine to twelve months from appointing the merchant banker.
| Company | Location | Engagement | Sector |
|---|---|---|---|
| Q-Line Biotech Ltd | Lucknow | Pre-IPO and SME IPO advisor | Medical equipment |
| Infonative Solutions Ltd | Delhi | Pre-IPO investment and SME IPO advisor | Information technology |
| MTE Structures Ltd | Vadodara, Gujarat | Pre-IPO investment and SME IPO advisor | Solar structures |
| Skyways Air Services | Delhi | Pre-IPO investment (main board) | Logistics |
| Tipco Engineering | Sonipat, NCR | Pre-IPO investment | Capital goods |
| Armour Digital OOH | Chennai | Pre-IPO investment | Outdoor advertising |
Every mandate is led by a Transique partner, supported by IBBI Registered Valuers, CFAs, Chartered Accountants and in-house corporate lawyers — so readiness, valuation and documentation happen under one roof. Valuation reports are issued by Transique Valuation Advisors, an IBBI Registered Valuer Entity; where a Transique firm advises on your IPO.
Headquartered at DLF Cyber City, Gurugram, with offices in Noida and Mumbai. We advise companies across India through a virtual-first model, meeting in person at key milestones: readiness review, merchant-banker selection, DRHP review and road-show preparation etc.
An issuer-side advisor works for the company and its promoters, not for the issue. We assess readiness, help choose the listing platform and the merchant banker, run the DRHP calendar across the merchant banker, auditors and lawyers, prepare the company’s responses to exchange and SEBI observations, and support marketing, pricing and post-listing planning. The SEBI-registered merchant banker remains the lead manager responsible for the issue.
No. Every SME and main-board IPO must be managed by a SEBI-registered merchant banker. We advise the company alongside the merchant banker, and help select and manage one.
Broadly, a company needs a three-year track record, operating profit (EBITDA) of at least ₹1 crore in two of the last three financial years, and post-issue paid-up capital of up to ₹25 crore. NSE Emerge and BSE SME apply their own exchange criteria as well, including a free-cash-flow-to-equity test on NSE Emerge. Rules change, so we check every company against the requirements in force at the time.
Typically nine to twelve months from appointing the merchant banker to listing. It takes longer if financial statements need restating or corporate records need to be regularised before filing. Companies that start pre-IPO preparation 12 to 18 months ahead usually move faster once the process is live.
Both are SEBI-regulated SME platforms with broadly similar processes, but their exchange-level eligibility criteria differ; for example, NSE Emerge applies a free-cash-flow-to-equity test. The better choice depends on eligibility, sector, target investors and the merchant banker’s experience on each platform.
Costs include merchant banker, legal, audit, registrar, market-maker and underwriting fees, exchange and depository charges, marketing and advisory fees. The total depends on issue size, structure and how much preparation the company needs. We provide an itemised estimate after the readiness assessment.
Where post-issue paid-up capital will exceed ₹25 crore, or where the company meets main-board profitability criteria and wants a wider institutional investor base. On the profitability route, the main board requires average operating profit of at least ₹15 crore over the three preceding years, with a profit in each year, among other conditions.
Yes. Since the March 2025 amendments, an SME-listed company can issue further capital that takes its paid-up capital beyond ₹25 crore without mandatory migration, provided it complies with the listing obligations that apply to main-board companies. Voluntary migration remains available once exchange criteria are met.
The minimum promoter contribution of 20% of post-issue capital is locked in for three years. Promoter holding above that minimum is released in two stages: half after one year and the balance after two years.
Typically a fixed retainer plus a success fee on listing, set out in a written proposal after the readiness assessment.
Tell us where you are in the journey — the Consult Us form at the top of this page reaches a partner directly. We respond within one business day with an indicative scope and commercials.
