SME IPO & Growth-Capital Advisory

Take your companyto the public markets.

Dhansiddhi guides promoters end-to-end — from the first readiness check to the listing bell on BSE SME and NSE Emerge. The hard parts — valuation, the DRHP, the merchant-banker network, the roadshow — handled with you, not handed off.

Check your IPO eligibility → Talk to an advisor

Free first consultation · End-to-end support · New Delhi & Gurugram

BSE SMENSE EmergeDRHP & ProspectusValuationMerchant-banker networkRoadshows

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Dhansiddhi · ReadinessSAMPLE

IPO Readiness Statement

Illustrative — a hypothetical manufacturing SME

Track record ≥ 3 years✓ 6 years

Net worth ≥ ₹1 Cr (2 FY)✓ Met

EBITDA ≥ ₹1 Cr (2 of 3 FY)✓ Met

Positive FCFE (2 of 3 FY)! Review

Overall readinessBSE SME · ready

What it looks like

Six dashboards of an IPO,
collapsed into one partner.

An IPO touches finance, law, valuation, disclosure and investor relations at once. We carry the moving parts so you can keep running the business.

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01 — Diagnose

Know if you're ready

A pre-IPO readiness check against the real BSE SME and NSE Emerge norms — track record, net worth, EBITDA, free cash flow, governance — before a rupee is spent.

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02 — Assemble

Build the right team

Introductions to SEBI-registered merchant bankers, legal advisors and registrars — and best-practice negotiation support so you sit on the right side of every mandate.

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03 — Tell the story

Make the case

A defensible valuation, a DRHP and prospectus drafted to scrutiny, a compelling pitch-deck and roadshow — so investors understand exactly why you're worth backing.

The route

From readiness check
to the listing bell — in eight steps.

India SME IPO market · FY 2026

The window is open. Timing it is the work.

Source: public exchange data

0

SME IPOs

₹1,512.88 Cr

Issue size raised

0

Positive listings

0%

Listed in profit

The artifact

An IPO Readiness
Statement — not a guess.

Every criterion that an exchange will test, checked against your numbers and rendered as a clear, line-by-line statement you can take to your board. Knowing where you fall short is the fastest way to get ready.

Run your own check →

Dhansiddhi · ReadinessSAMPLE

IPO Readiness Statement

Illustrative — a hypothetical manufacturing SME

Public Ltd incorporation✓ In place

Track record ≥ 3 years✓ 6 years

Post-issue paid-up ≤ ₹25 Cr✓ ₹18 Cr

Net worth ≥ ₹1 Cr (2 FY)✓ Met

EBITDA ≥ ₹1 Cr (2 of 3 FY)✓ Met

Net tangible assets ≥ ₹3 Cr✓ ₹4.2 Cr

Positive FCFE (2 of 3 FY)! Review

Clean regulatory record✓ Clear

Overall readinessBSE SME · ready

Indicative readiness check · confirm with a SEBI-registered merchant banker

Not yet, but soon

Not ready to list? Raise
growth capital privately first.

If an IPO is a year or two out, we help you raise from private equity and venture investors now — and set the company up so the eventual listing is far smoother.

01

Readiness assessment

We pressure-test the key business metrics investors will probe — and flag the gaps early.

02

Investor network access

Warm introductions to angels, PE funds and VCs aligned to your stage and sector.

03

Compelling pitch deck

A pitch that frames your value proposition and growth story the way capital wants to read it.

04

Deal structuring

Advisory on terms, dilution and structure so you take the strongest proposal on the table.

Together toward the top

Two ways to begin.

Check your eligibility in two minutes, or book a conversation with an advisor about your structure and timing.

Check eligibility → Book a consultation

Services

End-to-end IPO advisory,
under one roof.

From the first feasibility conversation to the day your shares trade, our consultants stay with you through every regulatory, financial and narrative decision.

Two engagement tracks

Wherever you are in the journey.

Pre-IPO screening

Before the process begins, we get the foundation right:

▸ Convert proprietorship, partnership or Pvt Ltd into a Public Limited company
▸ Financial restructuring and a candid review of financial health
▸ Identify strategic gaps and shape the business model and structure
▸ Legal and corporate-governance advisory
▸ Market-positioning advisory

IPO process consultancy

Once you're ready to go, we run the play with you:

▸ Choose the right time to list by reading industry and market conditions
▸ Appoint and negotiate with the merchant banker and intermediaries
▸ Business valuation and IPO price-band advisory
▸ Draft the DRHP, prospectus and offer documents
▸ Due diligence, regulatory liaising, roadshows and stakeholder communication

Beyond the listing

Wealth, succession & promoter advisory

A successful listing changes a promoter's balance sheet overnight. We help you steward that wealth — liquidity planning, diversification and succession — long after the bell rings.

Speak to us

Let's map your path to listing.

Start with a free eligibility check, or tell us about your company directly.

Check eligibility → Contact an advisor

Eligibility

Are you
IPO-ready?

Nine quick questions, checked against the real BSE SME and NSE Emerge listing norms. You'll get a line-by-line readiness statement — indicative, but honest.

This tool is an indicative self-assessment based on published exchange criteria and SEBI norms in effect for FY2026. It is not a substitute for formal due diligence or the in-principle approval of a SEBI-registered merchant banker. Criteria evolve — confirm specifics before filing.

The norms, side by side

BSE SME vs NSE Emerge.

The two SME platforms share most requirements, with a few meaningful differences.

Criterion	BSE SME	NSE Emerge
Incorporation	Public Ltd under Companies Act	Public Ltd under Companies Act
Post-issue paid-up capital	≤ ₹25 crore	≤ ₹25 crore
Track record	3 years (1 yr if NABARD/SIDBI/bank-financed)	3 years; promoters 3 yrs' experience, ≥20% holding
Net worth	≥ ₹1 crore for 2 preceding FYs	Positive net worth
Net tangible assets	≥ ₹3 crore (latest audited)	—
Operating profit (EBITDA)	≥ ₹1 Cr in 2 of 3 latest FYs	≥ ₹1 Cr in 2 of 3 latest FYs
Free cash flow to equity	—	Positive FCFE in 2 of 3 FYs (DRHPs on/after 1 Sep 2024)
Leverage	Debt-to-equity ≤ 3:1	—
OFS limit	Max 20% of issue; sellers ≤ 50% holding	Max 20% of issue; sellers ≤ 50% holding
Other	Functional website · demat shareholding · no NCLT/IBC, winding-up or disqualification	No BIFR/winding-up · no regulatory misconduct in 3 yrs · fund-use limits

Six things every exchange checks

The fundamentals.

About

The name is the
promise.

Dhan — wealth. Siddhi — attainment. Dhansiddhi exists to help India's founders attain it the right way: by building real companies and taking them to the public markets with discipline and care.

Our philosophy

We don't hand you off to a process. We walk it with you.

An IPO is one of the most consequential things a promoter will ever do. Too often, SME founders are passed between intermediaries, each owning a fragment, none owning the outcome. We sit on your side of the table from the first readiness check to the listing bell — coordinating the merchant banker, the legal advisors, the registrar and the valuation, and making sure the decisions serve you.

Where a company isn't ready, we say so plainly, and help close the gap — through restructuring, governance, or private capital — until it is.

The mark

Every line means something.

Our emblem is drawn from sacred geometry — a quiet statement of what we stand for.

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The lotus

Growth from difficult ground — the founder's journey, rising and unfolding into the open market.

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The open hands

Guidance and stewardship. We hold the process so you can keep building the business.

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The interlaced triangles

Balance — capital and conscience, ambition and prudence, promoter and investor in equilibrium.

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The flame

Aspiration. The drive that takes a private company all the way to the listing bell.

Why founders choose us

Advisory that owns the outcome.

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End-to-end, not piecemeal

One partner across readiness, intermediaries, valuation, documentation and the roadshow — accountable for the whole journey.

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The right network

Established relationships with SEBI-registered merchant bankers, legal advisors and institutional investors across India.

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Honest counsel

If you're not ready, we'll tell you — and help you get there. Trust is the only asset that compounds in this business.

Together toward the top

Build with people who've got your back.

Start a conversation → Check eligibility

Leadership

The people behind
the promise.

One mandate, driven by the people who built it — sit on the promoter's side of the table and own the outcome, from readiness to the listing bell.

TT

Tarun Tiwari

Founder

Leads Dhansiddhi's IPO advisory and fund-raising practice end-to-end — from readiness assessment through to listing — and drives the firm's partnership and network strategy.

IPO AdvisoryFund Raising

HS

Himanshu Sharma

Founder

Co-founder and shareholder at Dhansiddhi, contributing to the firm's wealth management and advisory practice for promoter families and investors.

Wealth Management

PD

Prashant Dua

Founder

Co-founder and shareholder at Dhansiddhi, working across the firm's investment banking and fund-raising mandates.

Investment Banking

RS

Rajit Sharma

Co-Founder

Co-founder and shareholder at Dhansiddhi, supporting the firm's advisory operations and client relationships.

Operations

Titles and bios above are drafts — happy to update with exact designations, credentials or headshots.

Extended network

Venture Partners

Operators and specialists we bring in alongside the core team on select mandates.

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