Stage 01Before listingPre-IPO readiness
Know where you stand before a single mandate is signed.
- Readiness audit & gap closure
- Corporate & capital structuring
- Equity story & valuation framing
- Exchange selection (NSE Emerge vs BSE SME)
Your Next Stage of Growth.
Independent IPO advisory for promoters preparing to list on NSE Emerge or BSE SME.
From IPO readiness and valuation strategy to intermediary coordination and listing — one advisor on the promoter’s side.
For established businesses typically considering ₹40 Cr+ capital raises.
Track record
The numbers promoters ask about first
Working with SEBI-registered merchant bankers and exchange-empanelled intermediaries.
₹1,810 Mn+fresh capital raised for promotersAcross 3 SME IPOs: Wise Travel India, Star Imaging, Vegorama Punjabi Angithi
₹2,020 Mn+combined issue size₹38–95 Cr per issue, all book built
19+years in banking & financeInstitutional banking, corporate finance and client advisory
2SME platformsNSE Emerge and BSE SME
Your advisor
One advisor on the promoter's side
Every mandate is led personally by the founder, from readiness check to listing day.
Founder & lead advisorIIM Calcutta · Ex-Citibank
Your advisor
Ajay Yadav
Founder, Shikhar Capital · 19 years in banking & financial services
LinkedIn- 19years in banking & finance
- IIM-Calumnus
- Citiformer banker
“Good advisory begins with understanding the business — not simply the requirement for capital.”
An alumnus of IIM Calcutta's Executive Programme in Investment Banking & Capital Markets and a former Citibank professional, Ajay brings 19 years of banking, corporate finance and client advisory experience to the promoter's side of the table. At Shikhar Capital he personally leads every SME IPO mandate from readiness check to listing day.
Clarity before CapitalStrategy before StructureRelationships before Transactions
- Personally leads every mandate
- SEBI-registered merchant banker partners
Services
What we do
End-to-end, or the stage you need. One team stays accountable before, during and after listing day.
- 01Before listingBefore
- 02Listing
- 03After listingAfter
Stage 01Before listing
Stage 02ListingIPO execution
From DRHP to allotment, every intermediary on one plan.
- Intermediary selection & coordination
- DRHP drafting & exchange approvals
- Roadshows & anchor investors
- Issue management to allotment
Stage 03After listingPost-listing support
Listing day is only the start. The obligations run for years.
- Market-making oversight
- Investor relations & results communication
- Ongoing exchange / SEBI compliance
- Mainboard migration planning
Not sure which stage you are at?See how the three stages fit together
Who it's for
Is your company ready?
Three signals we look for before recommending a listing. Meet all three and you are a strong candidate today.
Revenue
₹40+ Crannual revenue
Our own threshold, not an exchange requirement: the level at which an SME listing raises meaningful capital (₹40 Cr) without over-diluting promoters.
Typical raise: ₹40 Cr
Profitability
2 of 3years profitable
Exchanges look for consistent operating profit in two of the last three years; steady EBITDA also drives your valuation.
Operating profit, not one-off gains
Track record
3+ yrsin operation
A track record with positive net worth is the base criterion on both NSE Emerge and BSE SME.
Positive net worth required
Meet two of three?
You may still qualify within 12–18 months. We map the gap, fix it, and time the filing so you list from a position of strength.
See if you qualifyFree 5-step check · no documents needed
Track record
Recent IPOs we advised
Real listings, real issue sizes — Shikhar Capital as IPO advisor on each.
Wise Travel India
Mobility / Transportation
- Issue size
- ₹94.68 Cr
- Fresh issue
- ₹94.68 Cr
- OFS
- Nil
- Lead manager
- Share India Capital Services
- IPO type
- Book built
Role: IPO Advisor
Star Imaging
Diagnostics / Healthcare
- Issue size
- ₹69.47 Cr
- Fresh issue
- ₹55.66 Cr
- OFS
- Balance portion
- Lead manager
- Share India Capital Services
- IPO type
- Book built
Role: IPO Advisor
Vegorama Punjabi Angithi
Food & Restaurant
- Issue size
- ₹38.38 Cr
- Fresh issue
- ₹30.70 Cr
- OFS
- ₹7.68 Cr
- Lead manager
- Corporate Makers Capital
- IPO type
- Book built
Role: IPO Advisor
Cost
What does an SME IPO cost?
Costs depend on your issue size, the state of your financials and the intermediaries you appoint. Get in touch and we will walk you through what goes into it for your company — one consolidated estimate, every head itemised, before you sign anything.
- Every head itemised before you sign
- One estimate, not six separate quotes
FAQ
SME IPO questions promoters ask us
Straight answers to the eight questions we hear first on every readiness call.
Eligibility norms reference SEBI (ICDR) Regulations and exchange rules as amended.Still have a question?
Ask it on WhatsApp or book a 20-minute readiness call — no preparation needed.
An SME IPO lists your company on NSE Emerge or BSE SME, platforms built for companies with post-issue paid-up capital up to ₹25 Cr. Approval is exchange-led rather than through SEBI observations, compliance is lighter (half-yearly results), and you can migrate to the mainboard later.
Broadly: 3+ years of operations, positive net worth, operating profit in at least 2 of the last 3 financial years, and post-issue paid-up capital of ₹25 Cr or less. We work best with ₹70+ Cr revenue companies. Our 60-second checker gives you a first read.
It depends on how quickly restated financials, due diligence and exchange approvals move. You get a dated, step-by-step plan after the readiness assessment, and we front-load the two steps that usually cause delays: restated financials and exchange queries.
Total costs typically fall in a band of 7–10% of the issue size, spread across the merchant banker, legal counsel, auditor, RTA, exchange and ROC fees, market making and marketing. Our cost page breaks each head down with ranges.
Most SME issues raise ₹10–50 Cr. The amount depends on your valuation and the requirement to offer at least 25% of post-issue capital to the public, within the ₹25 Cr paid-up capital ceiling.
Eligibility norms are similar; the differences are in sector fit, investor base, liquidity and fees. We recommend a platform after the readiness assessment. See our side-by-side comparison.
No. A typical SME IPO dilutes 25–30%, so promoters retain a clear majority. Promoter holding is subject to lock-in (20% of post-issue capital for 3 years, balance for 1 year), which reassures investors rather than reducing your control.
A SEBI-registered merchant banker, legal counsel, peer-reviewed auditor, RTA, market maker, underwriter, bankers to the issue and the depositories. Shikhar Capital appoints and coordinates all of them so you deal with one advisor.
Looking for something more specific?Browse all guides →
Ready to discuss your IPO readiness?
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