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IPO preparation, on the promoter's side

You know what your company is worth.

The question is whether an investor sees it too.

See the difference in two companies
RevenueRs 120 Cr ProfitRs 12 Cr Worth? WHAT YOU SEE WHAT AN INVESTOR SEES

Why an investor may not see it

You spent years building it. An investor first meets it on two pages.

A bank, a buyer and an investor all start with the same two statements: the balance sheet and the profit and loss account. What made the company is mostly on neither.

Balance sheetAs at 31 March 2026, Rs Cr
  • Equity and liabilities
  • Share capital5.0
  • Reserves and surplus58.4
  • Long-term borrowings18.2
  • Trade payables21.6
  • Total103.2
  • Assets
  • Property, plant and equipment41.8
  • Inventories24.3
  • Trade receivables29.1
  • Cash and bank8.0
  • Total103.2
Profit and lossYear ended 31 March 2026, Rs Cr
  • Revenue from operations120.0
  • Cost of materials78.4
  • Employee costs11.2
  • Other expenses9.6
  • Finance costs2.4
  • Depreciation2.4
  • Profit before tax16.0
  • Tax4.0
  • Profit after tax12.0

The lines most readers look at first

Illustrative figures for a company with Rs 120 Cr of revenue.

What the years builtHow it can be shown
  1. Customers who have stayed with you for years
    What an investor can checkShare of revenue from customers of five years or more, shown year by year
  2. Orders delivered on time, festival or not
    What an investor can checkDelivery and quality records that a buyer or an auditor can confirm
  3. Your own money and the guarantees you signed
    What an investor can checkPromoter capital, loans and guarantees, set out clearly and explained
  4. The salary you did not take
    What an investor can checkYour remuneration set at a fair level before filing, so profit holds when an investor adjusts for it

Profit is what you made. What you built has to be shown, in records an investor can check.

The investor's view

Same revenue. Same profit. Seven questions that change how each is read.

Company ACompany B
RevenueRs 120 CrRs 120 Cr
ProfitRs 12 CrRs 12 Cr
How an investor reads it??

Two packaging companies of the same age. The difference shows up only when an investor starts asking:

  • Who buys from you, and how much rests on your top two customers?
  • Are the land and building owned by the company, or by the family?

Choose the answer closer to your own company for each of seven questions, and see how an investor reads it.

Try the seven questions

Illustrative. It gives no valuation and no view on whether any company can list.

What the work covers

Every question an investor will ask, asked early, while there is time to act.

Your merchant banker leads the issue. This work sits on your side of the table, before and alongside them. Findings come to you first, so what can be corrected is corrected, and what cannot is disclosed properly.

See the services in detail
  • Restated financialsThree years of accounts restated to the standard an offer document needs, and tied back to the books.
  • Due diligenceRecords, approvals and agreements checked the way an investor's advisers will check them.
  • StructureShareholding, group companies and related-party dealings set in order before filing.
  • Offer document supportThe company's business, figures and facts written up alongside the merchant banker.
  • Exchange queriesAnswers and evidence ready when the exchange and regulator ask.

How it runs

  1. 1First conversations
  2. 2Diligence of accounts and records
  3. 3Restatement and structure
  4. 4Offer document, with the merchant banker
  5. 5Exchange and regulator queries
  6. 6Exchange decision and, if approved, the issue

Usually a year or more, depending on where you begin. Exchange and regulatory timelines are outside anyone's control. Talk through where your company stands

What a listing changes

A listing happens on one day. What it opens, and what it asks, lasts for years.

What it can open

  • Banks and lenders see audited, public numbers
  • Large buyers can check who they are dealing with
  • Hiring senior people becomes easier
  • A clear path for the next generation, if they want it

What it asks of you

  • Results published every half year
  • Independent directors on the board
  • Related-party dealings approved and disclosed
  • Public shareholders to answer to

Will it still be my company?

Ownership and management stay with you. An SME issue usually offers a minority stake, and the promoter remains the promoter. What changes is that some decisions, such as related-party dealings, need other shareholders' approval, and results and major decisions become public. That is far easier when everything has been prepared beforehand.

A listing promises none of the first list. It requires all of the second.

Track record

Companies prepared, and where they stand today.

  • ListedGallard Steel LimitedBSE SME, November 2025
  • ListedAshwini Container Movers LimitedNSE Emerge, December 2025
  • FiledShreekrishna Impex Ventures LimitedDraft offer document, June 2026, under review

Promoter-side preparation only. Each issue is managed by the SEBI-registered merchant banker named in its offer document. Past outcomes say nothing about future ones. See the track record

IPO reviews. How recent offer documents were written, and what a growing company can take from them.

Read the reviews

Begin a conversation

Bring the story. The papers can come later.

A first conversation about where your company stands, in confidence.

Begin a conversation

What you write is used only to reply to you, and is handled as the privacy notice sets out.

Or call+91 77963 02345info@mansukhbhai.com