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₹2,065 Cr Raised · 4 IPOs Listed · ₹4,950 Cr Mandated

IPO Advisory

From readiness to listing — a 360° end-to-end approach that makes companies not just market-ready, but market-favoured.

8–12 Months

Mainboard IPO

The comprehensive regulatory pathway for large-scale public offerings on NSE and BSE — full SEBI review, institutional bookbuilding and national distribution.

4–6 Months

SME IPO

A streamlined listing pathway on the NSE Emerge / BSE SME platforms, purpose-built for high-growth small and medium enterprises.

The Roadmap

Three phases.
One disciplined journey.

A rigorous, timeline-driven framework covering every decision between the first board meeting and the listing ceremony.

01

Planning & Strategic Assessment

Foundation & Strategy

Setting the issue up for success before a single document is filed.

Industry BenchmarkingDeep-dive market assessment of competitive density, differentiators and disruption trends.
Peer AnalysisListed and unlisted peer identification to benchmark valuations and recent IPO / PE activity.
Valuation ModellingEstimating valuation and IPO size from YoY growth, competitive advantages and financial ratios.
Intermediary SelectionAppointing merchant bankers, legal counsels, PR agencies and market-research firms.
02

Due Diligence & Documentation

Execution & Filing

Building the institutional-grade paper trail regulators and investors expect.

Data Room ManagementOverseeing the VDR population with critical documents for legal and financial due diligence.
DRHP DraftingCollaborating with KMPs to shape the narrative in the Draft Red Herring Prospectus.
Capital StructureAdvising the split between Fresh Issue (primary capital) and Offer for Sale (secondary exit).
FilingCompletion and filing of the DRHP with SEBI and the stock exchanges.
03

SEBI Approval, Marketing & Listing

Approval to Bell Ringing

Converting regulatory clearance into investor demand — and demand into a successful listing.

Regulatory ClearancesManaging responses to SEBI's observation letters and questionnaires to secure the final observation card.
Roadshows & Price DiscoveryDomestic and international roadshows with QIB and retail investors to drive demand and discover the optimal price.
ListingPost-approval management of issue opening, allotment and the final listing ceremony on the exchanges.
Cost-Conscious ExecutionKeeping the overall cost of the IPO within the commitment given to the company.
The Ecosystem

Seven intermediaries.
One conductor.

A successful IPO is an orchestra of professional groups. Amatya acts on behalf of the company — screening, appointing and coordinating every intermediary so management stays focused on the business.

Tap each intermediary to see its role in the issue.

Book Running Lead Managers who divide the functions of lead management, post-issue compliance and roadshows.
One legal team prepares the DRHP while another runs due diligence. International counsel is engaged where the issue requires it.
Runs the SEBI-mandated newspaper advertisements, enables retail roadshows and manages press conferences through the issue window.
Responsible for dematerialisation of securities and the allotment of shares upon completion of the IPO.
Professional research agencies whose industry reports form an essential, cited component of the DRHP.
Bankers to the issue — the essential intermediary operating the escrow account for IPO proceeds.
A peer-reviewed auditor with proficiency in IPOs and IND-AS financial statements.
The ICON Advantage

Bankers execute;
an advisor prepares

Why an advisor, not just a banker — twelve ways preparation changes the outcome of a listing.

01

Preparation vs. Execution

Merchant bankers only execute; the advisory prepares the company — numbers, structure, governance and compliance.

02

IPO Readiness Prep

The equity story, valuation narrative and sector positioning are built by the advisory — bankers sell what you give them.

03

Focus & Attention

Bankers handle dozens of IPOs; an advisory takes only a few — giving the company far more focus and senior involvement.

04

Stronger Valuation

Valuation is stronger because the advisory benchmarks peers, justifies multiples and avoids conservative pricing.

05

Early Risk Mitigation

Red flags get cleaned early — cap-table issues, ESOPs, related-party matters, audit gaps and financial inconsistencies.

06

Right Banker Selection

The advisory knows which banker fits the company's size and sector — avoiding rejections and wasted months.

07

Accelerated Process

All due-diligence material and the IPO data room are prepared upfront, so bankers can move faster.

08

Timeline Control

Timelines stay tight and predictable because documentation, SEBI responses and audits are coordinated properly.

09

Cost Optimisation

Fee negotiations with bankers become easier and more effective — often reducing overall IPO costs meaningfully.

10

Promoter Protection

Promoter interests stay protected — dilution planning, ESOP pool sizing, OFS design and shareholding control.

11

Founder Readiness

Founders get trained for investor meetings and roadshows, so anchor and QIB interactions are strong and confident.

12

Post-Listing Support

Support continues after listing — quarterly messaging, investor relations and maintaining market confidence.

Is your company IPO-ready?

Get a candid readiness assessment — valuation potential, timeline and the gaps to close before you file.

Request an Assessment