Support at every stage, from an initial readiness review through listing day to a later move onto the main board.
An SME IPO allows a growing company to raise funds from investors by listing on NSE Emerge or BSE SME. The entry conditions are lighter and the costs lower than for a main board issue, so it is often the first route promoters consider.
A main board listing on NSE or BSE offers the broadest investor reach and the greatest visibility, along with tougher eligibility and disclosure demands, which makes preparation all the more important. A company already listed on an SME platform may also shift to the main board once it fulfils the exchange's migration conditions.
How well an IPO fares is often settled in the months before it opens. We help you secure growth capital, tidy your shareholding and present a convincing story to investors ahead of filing.
Debt is a core part of a healthy capital structure, whether you are growing, expanding or preparing for a listing. We help you work out how much to borrow and on what terms, then approach banks and financial institutions to arrange the funding.
The key conditions a company must meet to list on each SME platform, side by side.
| Criteria | NSE Emerge | BSE SME |
|---|---|---|
| Post-issue paid-up capital | Not more than ₹25 crore (face value) | Not more than ₹25 crore |
| Track record | At least 3 years of track record | At least 3 years, including any taken-over proprietorship, partnership firm or LLP; plus at least 1 full financial year of operations and audited financials |
| Net worth | Positive net worth | At least ₹1 crore for the 2 preceding full financial years |
| Net tangible assets | Not part of the criteria shown for NSE Emerge | ₹3 crore in the last preceding full financial year |
| Operating profit (EBITDA) | EBITDA of ₹1 crore for at least 2 of the 3 full financial years before the application | EBITDA from operations of at least ₹1 crore in any 2 of the 3 previous financial years, at the time of filing |
| Free cash flow to equity | Positive FCFE in at least 2 of the 3 full financial years (DRHPs filed on or after 1 September 2024) | Not part of the criteria shown for BSE SME |
| If there is no 3-year track record | — | The project must be appraised and funded by financial institutions, with at least 1 full financial year of operations and audited financials |
| Offer for sale | Selling shareholders: up to 20% of the issue size, and no more than 50% of their holding | Selling shareholders: up to 20% of the issue size, and no more than 50% of their holding |
| General corporate purpose | Capped at 15% of the amount raised or ₹10 crore, whichever is lower | Capped at 15% of the amount raised or ₹10 crore, whichever is lower |
| Promoter lock-in | Holding above the minimum contribution is released 50% after 1 year and the balance after 2 years | Holding above the minimum contribution is released 50% after 1 year and the balance after 2 years |
| Objects of the issue | No repayment of loans from the promoter, promoter group or related parties | No repayment of loans from the promoter, promoter group or related parties |
| Market maker | Compulsory for 3 years; present at least 75% of trading hours with two-way quotes | Compulsory for 3 years; present at least 75% of trading hours with two-way quotes |
| Ongoing disclosures | Half-yearly instead of quarterly; abridged annual report allowed | Half-yearly instead of quarterly; abridged annual report allowed |
What an SME-listed company must meet to move to the main board.
| Condition | NSE Emerge | BSE SME |
|---|---|---|
| Market capitalisation | Not less than ₹100 crore (earlier ₹25 crore) | More than ₹100 crore |
| Paid-up capital | — | More than ₹10 crore |
| Time on the SME platform | — | Listed for at least 3 years |
| Revenue | Minimum ₹100 crore in the last financial year (new requirement) | — |
| Profitability | Positive EBITDA in 2 of the last 3 years | Average ₹15 crore on a restated consolidated basis over 3 years, with operating profit each year and at least ₹10 crore in each |
| Public shareholders | 500 on the date of application (earlier 1,000) | At least 1,000 as per the latest shareholding pattern |
| Promoter holding | At least 20% at application, with at least 50% retained after listing | — |
| Approvals and record | No material regulatory action in 3 years, no SEBI debarment, no pending SCORES complaints | Special resolution at the AGM with two-thirds of non-promoter shareholders in favour; SEBI LODR applies after migration |
Source: Mr. Anand Chari's CII Madurai MSME Summit presentation (July 2026). This is for guidance only. Investors and promoters should refer to the official exchange regulations and consult financial or legal advisers. SEBI and the exchanges revise these norms from time to time, so we confirm the current requirements for your company before any filing.
An indicative side-by-side view to help you pick a route.
| SME platform | Main board | |
|---|---|---|
| Exchanges | NSE Emerge · BSE SME | NSE · BSE main board |
| Company size | Small and medium enterprises — post-issue paid-up capital up to ₹25 crore | Larger companies, or SME-listed companies that have migrated |
| Offer document | DRHP / RHP filed with the exchange, which reviews it | DRHP filed with SEBI, which reviews it |
| Market maker | Mandatory | Not applicable |
| Typical timeline | 4 to 6 months depending on readiness and complexity; in-principle approval can come within 45–60 days of filing if disclosures are complete | Generally longer |
| Cost & compliance | Lower cost, lighter compliance | Higher cost, stricter disclosure |
| Investor reach | Smaller trading volumes, larger minimum lot sizes | Widest retail and institutional access |
| Next step | Migration to main board once the exchange's criteria are met | — |
Indicative only. SEBI and exchange norms change from time to time — we confirm the current requirements for your company before any filing.
We test eligibility, review the numbers, suggest an exchange and list the gaps.
We help restructure, prepare audit-ready accounts and appoint the intermediaries.
The draft offer document, due diligence and the exchange or SEBI approvals.
Pricing, outreach to investors, allotment and the listing-day ceremony.
No. The merchant banker is a separate SEBI-registered intermediary who manages the public issue. Our role is to get your company ready, help you choose and work with the merchant banker and other professionals, and support you once you are listed.
That depends on your scale, financial profile and plans. Our assessment shows which route fits you now and what would be needed to reach the other.
Yes, once it satisfies the migration conditions of NSE or BSE. Those conditions are updated periodically, so we verify the latest ones before planning.
No. Approvals are decided by the exchanges and regulators, and share prices are set by the market. What we commit to is candid advice and careful execution.
Start with a readiness assessment. You will learn where you stand and what to do next.
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