✅ 1. Check Eligibility
Ensure your company meets the NSE SME platform eligibility criteria:
- Incorporated under Companies Act (private/public company).
- Net Tangible Assets: At least ₹1.5 crore.
- Net Worth: At least ₹1 crore.
- Track Record: Operating for minimum 3 years or has positive cash accruals in the last 2 years.
- Paid-up Capital: Post-issue capital should be less than or equal to ₹25 crore.
- At least 50 investors required post-issue.
✅ 2. Appoint Intermediaries
You must appoint the following registered intermediaries:
- Merchant Banker (mandatory)
- Registrar to the Issue
- Underwriters (optional but recommended)
- Market Makers (mandatory on NSE Emerge)
- Legal Advisors / Auditors / PR Agencies (optional but helpful)
✅ 3. Due Diligence & Documentation
The Merchant Banker conducts due diligence and helps in:
- Preparing Draft Prospectus/Offer Document
- Gathering financial statements, tax returns, company history
- Complying with SEBI (ICDR) Regulations
✅ 4. Filing with NSE & SEBI
- File the Draft Prospectus with NSE and SEBI.
- Apply for in-principle approval from NSE Emerge.
- Obtain NOC from stock exchanges (if shifting from other platform).
✅ 5. Roadshows and Marketing
Conduct investor roadshows and market the IPO to potential investors (HNI, retail, institutional).
✅ 6. IPO Launch
- Open the IPO for bidding (usually open for 3-5 working days).
- The minimum application size for SME IPO is ₹1 lakh.
✅ 7. Allotment & Listing
- Shares are allotted based on subscription.
- Complete listing formalities with NSE.
- Company is listed on NSE Emerge within 6 working days of IPO close.
✅ 8. Post-Listing Compliance
- Follow post-listing compliance including quarterly results, disclosures under SEBI LODR.
- Can migrate to Main Board after 2 years, subject to conditions.
📑 Key Documents Required
- Memorandum & Articles of Association
- Last 3 years’ audited financials
- Draft Prospectus
- Board and shareholders’ resolutions
- Compliance certificates