IPO & Listing Services | M S Joshi & Co. — Chartered Accountants, Surat

Capital Markets

Your Partner for SME IPO & Stock Exchange Listing

Going public is one of the most transformative milestones for a business. It provides access to capital, enhances brand credibility, facilitates acquisitions, and creates wealth for promoters and employees. However, the IPO process is complex, time-intensive, and requires expertise across multiple domains.

M S Joshi & Co. has been involved in the SME IPO journey for several Surat-based businesses, working alongside merchant bankers, legal advisors, registrars, and SEBI-registered intermediaries to ensure smooth listings on BSE SME and NSE Emerge platforms.

Our IPO & Listing Services

IPO Readiness Assessment — Gap analysis of financials, governance, compliance, and corporate structure to assess listing readiness
Restated Financial Statements — Preparation of restated financial statements for 3–5 years as required for DRHP filing
Financial Due Diligence — Comprehensive review of historical financials, related party transactions, and key disclosures
DRHP Financial Section — Drafting the financial information section of the Draft Red Herring Prospectus in coordination with merchant bankers
Working Capital Certificate — Preparation of minimum promoters' contribution and working capital compliance certificates
SEBI & Stock Exchange Compliance — Ongoing compliance support post-listing including LODR filings, quarterly financial results, and related disclosures
Internal Financial Controls (IFC) — Establishing and testing IFC framework mandatory for listed entities
Post-Listing Statutory Audit — Statutory audit of the listed entity with timely quarterly/annual financial reporting

SME IPO: The Right Platform for Growing Businesses

BSE SME and NSE Emerge have emerged as popular platforms for companies with post-issue paid-up capital up to ₹25 crore. The listing requirements are less stringent than the main board, yet provide companies with significant benefits — access to public capital, improved valuation, and greater brand visibility.

Surat's vibrant business ecosystem in textiles, diamonds, chemicals, and technology has produced several successful SME listings. M S Joshi & Co. has the ground-level experience to help your company become the next listing success story from Gujarat.

SME IPO Expertise

Hands-on experience with BSE SME and NSE Emerge listings for Gujarat-based businesses.

DRHP Support

Accurate restated financials and disclosures that meet SEBI's stringent prospectus standards.

SEBI Compliance

Complete post-listing LODR compliance — financials, disclosures, AGM, and board meeting support.

Intermediary Network

Strong relationships with merchant bankers, registrars, and legal advisors for smooth deal execution.

Common Questions

Frequently Asked Questions

For BSE SME, the company must have post-issue paid-up capital between ₹1 crore and ₹25 crore, net tangible assets of at least ₹1.5 crore, and a track record of at least 3 years. NSE Emerge has similar requirements. The company must also have a profit in at least 2 of the last 3 financial years. A SEBI-registered merchant banker must be appointed as lead manager.

From the time of engagement to listing, the process typically takes 6 to 12 months. This includes 2-3 months for IPO readiness and restated financial preparation, 2-3 months for DRHP drafting and due diligence, 1-2 months for stock exchange and SEBI review, and 1 month for the subscription and allotment process.

Restated financials are historical financial statements (typically 3-5 years) adjusted for changes in accounting policies, prior period errors, and significant events to present a consistent and comparable view to investors. They are mandatory for inclusion in the DRHP and must be certified by a SEBI-registered CA. They form the backbone of investor due diligence.

Listed companies must comply with SEBI's LODR (Listing Obligations and Disclosure Requirements) Regulations. This includes quarterly financial results within 45 days, half-yearly related party transaction disclosures, annual report within 60 days of AGM, board meeting intimations, insider trading disclosures, and various event-based disclosures. We handle all these for our listed clients.

A private limited company must first convert to a public limited company before filing for an IPO. This involves passing special resolutions, altering the memorandum and articles, and filing with the ROC. We assist with this conversion as part of our IPO readiness services, ensuring the corporate restructuring is completed smoothly and efficiently.