Unreconciled numbers
Weak close processes, inconsistent revenue recognition and unexplained related-party balances undermine diligence.
Clean financial history and accountable reporting.
Capital advisory · Public markets
IPO. Earn public-market trust.
A listing is not a funding shortcut. Build the reporting, governance, capital structure and business story that public-market investors can examine — before the filing starts.
X · private business → ΔV · institutional readiness → Y · public-market discipline
Mainboard · BSE SME · NSE Emerge
Choose a pathway on evidence, eligibility and capital needs — not on a promised valuation or listing date.
Why prepare first
The real bottlenecks sit inside the business.
Governance in name only
Founder-dependent decisions and undocumented controls do not become institutional because a board exists.
Independent oversight, functioning committees and evidence of controls.
A story without proof
A growth narrative breaks when operating KPIs, financial statements and the use of proceeds tell different stories.
An equity story grounded in audited records and repeatable drivers.
Diligence workbench
Run the diligence engine.
Import a trial-balance CSV, apply consolidation adjustments, work the 24 regulation-referenced audit procedures, and plan the execution schedule with critical path and resource conflicts — then export the working memorandum. An advisory planning tool, not an audit opinion or regulatory approval.
01 / Accounting
Ledger ingestion & consolidation
CSV columns: fy, entity, account, amount, optional source_doc. Rows are unverified accounting inputs.
02 / Regulatory diligence
24 mapped audit procedures
Indicative regulatory references — exact clauses and amendments require legal validation. Verified pass requires evidence in a real engagement.
0 verified · 0 failed · 24 unassessed
INCORP · Verify incorporation, MOA/AOA, company status and conversion to public company
Corporate — Companies Act 2013; applicable MCA filings
ROC · Reconcile annual returns, financial statements, statutory registers and resolutions
Corporate — Companies Act 2013; applicable MCA filing rules
GROUP · Map subsidiaries, associates, promoter group and beneficial ownership
Corporate — Companies Act 2013; SEBI ICDR disclosure provisions
SME_CAP · Verify post-issue face-value paid-up capital and exchange platform eligibility
Eligibility — BSE SME eligibility criteria; SEBI ICDR SME chapter
SME_PROFIT · Test operating profit and track record against rules effective for proposed issue date
Eligibility — SEBI ICDR SME provisions; BSE SME eligibility
MAIN_ROUTE · Test profitability route or alternative QIB route and mainboard eligibility
Eligibility — SEBI ICDR Regulation 6 and applicable amendments
PROMOTER · Check debarments, wilful defaults, fugitive economic offender and promoter restrictions
Eligibility — SEBI ICDR eligibility and disclosure requirements
RESTATED · Reconcile audited financial statements to restated consolidated financial information
Financial — SEBI ICDR Schedule VI; applicable accounting and auditing standards
REVENUE · Substantiate revenue recognition, cut-off, customer confirmations and reversals
Financial — Ind AS / applicable AS; SEBI ICDR financial disclosures
CASH · Tie bank confirmations, cash flows and working capital to ledgers
Financial — Applicable accounting standards; SEBI ICDR financial disclosures
RELATED · Identify, quantify and disclose related-party balances and transactions
Financial — Companies Act 2013; applicable AS/Ind AS; SEBI ICDR
CONTINGENT · Review contingent liabilities, guarantees and commitments
Financial — Applicable accounting standards; SEBI ICDR Schedule VI
BOARD · Test board composition, independent directors and committee applicability
Governance — Companies Act 2013; SEBI LODR as applicable
RPT · Check related-party approval controls and conflict disclosures
Governance — Companies Act 2013; SEBI LODR as applicable
LITIGATION · Verify material litigation, regulatory orders and materiality thresholds
Legal — SEBI ICDR Schedule VI; Companies Act 2013
IP · Verify ownership of IP, licenses and key commercial contracts
Legal — SEBI ICDR material disclosures
GST · Reconcile GST returns, turnover, input credits and pending demands
Tax — CGST Act and applicable rules
INCOME · Reconcile income-tax returns, tax audit and pending assessments
Tax — Income-tax Act and applicable rules
CAP_TABLE · Reconcile issued shares, securities conversions, ESOPs and fully diluted ownership
Issue — Companies Act 2013; SEBI ICDR
PROCEEDS · Validate objects of issue, supporting estimates and deployment schedules
Issue — SEBI ICDR objects of issue disclosures
LOCKIN · Review promoter contribution, lock-in and OFS restrictions
Issue — SEBI ICDR relevant issue chapter
RISK · Tie risk factors to audit findings and management disclosures
Disclosure — SEBI ICDR Schedule VI
DRHP · Tie draft offer document disclosures to evidence and auditor reports
Disclosure — SEBI ICDR; exchange filing requirements
LODR · Map applicable post-listing disclosures and compliance ownership
Post-listing — SEBI LODR regulations as applicable
03 / Financial annexure
Consolidated restatements
Ledger totals plus eliminations, compared with reported figures you enter. Variances are not an audit opinion.
Import a ledger CSV to build the annexure.
04 / Execution plan
Working-day schedule & critical path
Readiness diagnostic
2026-11-02 → 2026-11-20
Financial remediation
2026-11-23 → 2027-01-01
Governance & controls
2026-11-23 → 2026-12-18
Offer-document inputs
2027-01-04 → 2027-02-05
Project end 2027-02-05 · Critical path 70 working days · Resource conflicts 0
05 / Executive memorandum
Due diligence working memorandum
Exports audit status, financial annexure, schedule and conflicts. Advisory working paper only — not a statutory audit certificate or regulatory approval.
Readiness diagnostic
Where does your evidence stand?
Record your current position across six readiness areas. The resulting working brief identifies missing evidence and remediation priorities.
01
Financial reporting
Audited history, restatement requirements, related-party transactions, revenue recognition and a reliable close process.
02
Board & governance
Board composition, independence, committee readiness, documented decisions and promoter accountability.
03
Legal & compliance
Corporate filings, tax and statutory records, material contracts, licences, disputes and title to assets.
04
Capital & corporate structure
Reconciled shareholding, instrument terms, promoter holdings, group entities and restructuring dependencies.
05
Controls & diligence
Internal financial controls, audit trails, data room, risk register and diligence issue ownership.
06
Disclosures & equity story
Supportable KPIs, use of proceeds, risk factors, business narrative and a disciplined investor reporting process.
End-to-end advisory scope
Private to public. In eight stages.
Readiness & diagnostic audit
Review financial history, corporate records, tax filings, governance and business risks. Build an issue register before committing to a listing.
Gap analysis, information checklist and eligibility-verification questions.
Remediation & capital structuring
Resolve reporting and secretarial gaps, reconcile shareholdings, assess group structure and document the use of proceeds.
Remediation plan, restatement roadmap and capital-structure scenarios.
Platform & intermediary selection
Compare Mainboard, BSE SME and NSE Emerge pathways with appointed specialists against current platform criteria.
Platform options, selection brief for merchant bankers, counsel, auditors and registrar.
Governance & internal controls
Prepare board and committee structures, independent oversight, internal financial controls and repeatable reporting.
Committee-readiness checklist, controls workplan and diligence evidence register.
Offer-document preparation
Support the business narrative, risk factors, financial evidence and disclosures; reconcile every material assertion.
Offer-document inputs and diligence response tracker, reviewed by appointed advisers.
SEBI / exchange filing coordination
Coordinate filing dependencies and query responses through the appointed merchant banker and counsel. Filing paths differ by platform.
Responsibility matrix, submission checklist and observations-response log.
Roadshows, pricing & book building
Support the equity story, valuation bandwidth, investor materials and marketing coordination within applicable rules.
Investor presentation, pricing scenarios and demand / allocation coordination where applicable.
Allotment, listing & ongoing stewardship
Coordinate closing dependencies, allotment and trading readiness, then move into public-company reporting discipline.
Listing checklist, compliance calendar, disclosure routines and investor-relations plan.
Board-ready outputs
A roadmap with owners. Not just dates.
- Financial, legal and secretarial gap-analysis report
- Historical financial restatement roadmap; scope determined by the applicable platform and rules
- Promoter holdings and capital-structure reconciliation
- Board, committee and internal-control implementation plan
- Intermediary selection and responsibility matrix
- IPO timeline, dependencies and cost-estimate framework
- Data-room, disclosure and diligence-response registers
- Post-listing compliance and investor-reporting calendar
What we track
Readiness gaps
Open issues by severity, evidence owner and closure date.
Reporting reliability
Close-cycle duration, reconciliation exceptions and restatement dependencies.
Governance readiness
Appointments, committee actions and control testing supported by records.
Execution discipline
Diligence responses, filing dependencies, budget and critical-path milestones.
Public-company continuity
Disclosure turnaround, compliance calendar completion and investor-reporting consistency.
No universal minimum financial thresholds or fixed listing timetable are implied. Eligibility, restatement periods, issue structures and obligations vary by platform and change over time.
Specialist work stays with authorised specialists.
StartupXY provides readiness, business preparation and project coordination. Regulated issue management, underwriting, statutory audit, legal opinions and filing sign-offs remain with duly appointed, appropriately registered professionals. We do not claim SEBI registration, an existing intermediary mandate, guaranteed approval, subscription, pricing or listing. LODR and other ongoing obligations must be scoped for the chosen listing platform by qualified advisers.
Frequently asked
SME or Mainboard — which is right?
Assess current platform requirements, operating scale, governance, fundraising needs and ongoing obligations with the appointed merchant banker. A self-assessment cannot determine eligibility.
What is the difference between DRHP and RHP?
A draft red herring prospectus supports regulatory review. The red herring prospectus is used in the offering process. Exact filing sequence and documents depend on the platform and issue structure.
How long does the IPO process take?
The critical path depends on record quality, remediation, restructuring, intermediary appointment and regulatory review. We agree a dependency-based timetable after the diagnostic, not a guaranteed date.
Who needs to be appointed?
Typically a merchant banker, legal counsel, auditors and registrar, with other intermediaries as required by the issue and platform. Their qualifications, independence and responsibilities must be verified.
Can we start before deciding to list?
Yes. A readiness diagnostic can improve reporting and governance while preserving options such as private capital, strategic transactions or a later listing.
Start with readiness. Keep your options open.
Bring financial statements, your group structure and cap table. We’ll identify the gaps, specialist dependencies and a realistic preparation scope.