IPO Readiness Advisory — Established SMEs

Is your company
ready to list?

Find out from someone who
ran the exchange.

A private 45-minute readiness review with Manish Rangari, former Managing Director of the Pune Stock Exchange and COO of MCX Stock Exchange. You leave knowing exactly where your company stands, and what to correct first.

Reserve A Slot With Mr. Rangari →

🔒 STRICTLY CONFIDENTIAL 👥 YOUR CFO MAY JOIN 🚫 NOTHING IS SOLD TO YOU

IPO

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ConfidentialPrivate Advisory

IPO Readiness Review

Executive Summary

Date of Review

October 2024

An independent perspective on key areas of your company's readiness for the public markets.

Prepared For

Industries Pvt. Ltd.

Overall Readiness

Moderate

Good foundation with specific areas requiring attention.

Preparation Timeline

18 – 24 Months

Estimated timeline to address gaps and meet market expectations.

Indicative Route

Main Board / SME Emerge

Subject to final structuring and market conditions.

Readiness Checklist

Audited Financials (3 Years)

Cleared

Board Composition

Cleared

Promoter Dependency

Gap

Related-Party Transactions

Gap

Statutory Dues

Cleared

Shareholding Structure

Review

30+ Years/Indian Capital Markets ● Pune Stock Exchange/Managing Director & Secretary ● MCX/Senior Vice President ● MCX Stock Exchange/Chief Operating Officer ● Bourse Africa/Founding Team ● 30+ Years/Indian Capital Markets ● Pune Stock Exchange/Managing Director & Secretary ● MCX/Senior Vice President ● MCX Stock Exchange/Chief Operating Officer ● Bourse Africa/Founding Team ●

Why Manish Rangari

He has seen the market from the other side.

Most advisers have taken companies to an exchange. Manish Rangari spent three decades running them setting the rules, admitting the companies, and reviewing the files that arrived hoping to be listed.

Qualifications

B.E. (Engineering)
MBA (Finance)
LLB (Law)

ISB Alumni

Alumnus, Indian School of Business (ISB)

Professional Experience

30+ years in Exchanges, Markets & Capital Formation

“A promoter rarely fails at the listing. He fails two years earlier, at a decision nobody flagged as important at the time.”

Three Decades. Multiple Exchanges. Deep Expertise.

Managing Director & Secretary

Pune Stock Exchange

Ran the exchange, its listing committee and its regulatory correspondence.

Chief Operating Officer

MCX Stock Exchange

Day-to-day operations of a national-level stock exchange.

Senior Vice President

MCX

Market operations and membership at India's largest commodity exchange.

Founding Team

Bourse Africa

Built an exchange from first principles in a new jurisdiction.

Alumnus

Indian School of Business

Executive learning that strengthens strategy, governance and leadership.

A rare combination of running exchanges, building markets and advising businesses on their path to public markets.

THE DISTINCTION

What an IPO readiness advisor actually does

A merchant banker and a readiness advisor are complementary, not competing. They simply act at different points on the timeline.

Acts when you are ready

Merchant Banker

→Executes the listing transaction as appointed lead manager
→Prepares and files the offer document with the exchange and SEBI
→Handles due diligence, underwriting, pricing and distribution
→Manages the issue through to allotment and listing

Acts in the years before

IPO Readiness Advisor

✓Assesses whether the business is prepared for that examination
✓Identifies governance, financial and documentation gaps early
✓Sequences the corrections so they are complete before diligence begins
✓Helps you arrive at the merchant banker as a credible candidate

A merchant banker's mandate begins when the company is ready.
The work of becoming ready is yours and it starts considerably earlier.

The Review

How the 45 minutes are structured

One-to-one with Mr. Rangari, across five areas. You are not buying 45 minutes. You are buying clarity about where your company stands on the journey to a public listing.

45 minutes One-to-one, with Mr. Rangari Confidential Session fee ₹5,000

Readiness Assessment

An honest read of where your company stands today against what a listing will demand of it.

Listing Pathway

SME platform or Main Board — which route your numbers, structure and timeline actually support.

Gap Identification

The specific governance, financial and documentation issues that would surface in diligence.

Priority Roadmap

What to correct first, what can follow, and what should not be started yet.

Capital Strategy

How a listing fits — or does not fit — alongside the other ways of funding your growth.

Outcomes

What you will know at the end of it

Seven answers you almost certainly do not have today and cannot get from anyone selling you a transaction.

01
Whether the SME platform or the Main Board is the realistic route for your numbers, and why
02
Which of your related-party transactions would draw questions in due diligence
03
Whether your last three years of audited financials would survive restatement without surprises
04
How dependent the business still is on you personally and what that does to investor perception
05
What your CA, your CFO and your merchant banker will each expect from you, and in what order
06
Which two or three corrections should begin this financial year rather than later
07
Whether a public listing belongs in your plan at all, or whether another route serves you better

No outcome of a listing, valuation, fundraise or return is promised or implied at any point.

What Promoters Say

The conversation they wish they had had earlier

“He spent the first ten minutes asking about our shareholding and the next thirty telling me why two of our group transactions would have stopped the file cold. Our merchant banker raised the same points eighteen months later. By then they were already fixed.”

Rajesh KulkarniChairman & Managing Director, Sunview Precision Ltd.

“I went in expecting to be sold a programme. He told me our company was not ready and should not attempt a listing for three years. That answer was worth more than a yes.”

Sunita MehtaPromoter, Kaveri Agro Foods Ltd.

“I have sat opposite him when he ran the exchange. Very few people in India have seen the listing process from both sides of the table the way he has.”

Anil DeshpandeFormer Executive Director, National Exchange

“He told our client things about their own structure that we had stopped noticing. Every SME promoter thinking about listing should have that session.”

Prakash BhandariSenior Partner, Bhandari & Associates

Suitability

Who this review is for

A good use of your time if

→You run a profitable SME with at least two years of audited accounts
→A listing is a serious consideration within the next one to four years
→You want an independent read before you appoint anyone
→You would rather hear the uncomfortable version now than in diligence

Not the right fit if

→You are looking for stock tips or investment advice
→You want a guaranteed listing, valuation or fundraise outcome
→The company is pre-revenue or has no audited financial history
→You need a lead manager appointed this quarter — that is a banker's job

QUESTIONS

Frequently asked questions

Why should I pay for a consultation?+

A paid, independent session removes any conflict of interest. Mr. Rangari earns nothing from you hiring a merchant banker or taking a route, so his answer is the one that serves your company — even when it is “not yet”.

My CA already handles our compliance. Why do I need this?+

Compliance keeps you legal. A readiness review looks at whether your governance, financials and structure would survive the scrutiny of a public-market process — a different lens, seen from the exchange's side.

My company is probably too small for an IPO.+

That may well be true today — and the review will tell you honestly, including whether the SME platform is realistic or whether another route serves you better.

I am not planning an IPO immediately. Is this premature?+

No. The decisions that decide a listing are usually made one to four years earlier. This is precisely the time to surface them.

Is this a pitch for an expensive programme?+

No. The session is stand-alone. Nothing is sold to you during or after the review.

Will my information stay confidential?+

Yes. The review is private and strictly confidential, covered by professional discretion.

Is this investment advice?+

No. This is strategic advisory on corporate readiness for a listing — not investment advice, stock tips or a securities recommendation.

Can my CFO or co-director join?+

Yes. Your CFO may join the session so the follow-through is shared across your leadership.

What happens after I apply?+

Mr. Rangari reads your application himself. Sessions are confirmed in the order they come in, and you will be told the next available slot.

Is your company
ready to list?

IPO Readiness Review

He has seen the market from the other side.