Ready to go public?
Begin your IPO readiness journey
Indian IPOs are witnessing unprecedented momentum, driven by strong investor appetite and favourable market conditions. Simplified regulations, robust economic growth, and attractive valuations have come together to create a compelling environment for companies considering a public listing.
As domestic participation deepens and global opportunities expand, businesses have a unique window to step confidently into their IPO journey. For organisations that invest early in IPO preparation, this momentum can translate into sustainable growth, enhanced visibility, and long-term value creation.
At Grant Thornton Bharat, we bring a holistic, end-to-end approach to IPO readiness. Our IPO Advisory services help you confidently navigate the complexities of a public listing while staying focused on long-term value creation.
Why are Indian companies embracing IPOs?
Deepening domestic capital base through higher retail participation and growing domestic institutional investments.
Regulatory simplification, including reduced compliance hurdles, AI-enabled approvals, fast-tracked mergers, and targeted tax exemptions.
A conducive macro environment supported by strong growth projections, rising consumption, and government-led initiatives.
Favourable valuation dynamics, with Indian listings offering attractive pricing relative to global benchmarks.
Global access, with overseas entities now permitted to list Indian subsidiaries on a standalone basis.
Are you IPO ready?
Launching an IPO is a major milestone, and success starts with readiness. Early IPO preparation creates a strong foundation for governance, internal controls, and investor confidence. It reduces time and cost, improves success rates, and allows leadership to stay focused on growth, so your company can move decisively when market conditions are right.
- Re-evaluate organisational structures to support tax efficiency, supported by pre-IPO tax planning.
- Focus on the principal objective of an IPO: achieving successful fundraising at an optimal valuation.
- Equip management teams to present consistent, credible financials to brokers, banks, and investors.
- Ensure financial metrics and growth aspirations are realistic, accurate, and deliverable, reinforcing credibility in the market.
- Assess current business performance and how an IPO can accelerate growth and strengthen market positioning.
- Prepare the board, management, and shareholders for the time commitment and investment required across the IPO journey.
- Evaluate strategic and practical considerations around IPO timing as part of a structured IPO roadmap.
- Clearly articulate the equity story and market positioning for investors.
- Strengthen IT systems, processes, policies, and cybersecurity.
- Review leadership depth and talent resilience while strengthening organisational capabilities.
- Realign employee incentives to support and deliver IPO objectives.
- Establish a strong, balanced board with the right mix of commercial, corporate, and public company expertise.
- Invest in housekeeping to ensure all foundational elements for IPO readiness are in place.
- Build a strong forecasting and reporting framework to manage market expectations of future financial performance.
- Prepare thoroughly and invest in a robust internal control environment.
- Future ready for additional reporting pressures and challenges post-listing.
What defines IPO readiness for a company?
Optimised structure
Establish an effective and efficient corporate tax framework to support long-term value creation.
Strong leadership team
Build a credible, well-supported leadership team with a seasoned CEO and CFO who can articulate the investment proposition to institutional investors.
Robust board and governance
Establish a strong non-executive board with deep industry expertise and a commitment to long-term governance.
Robust board and governance
Establish a strong non-executive board with deep industry expertise and a commitment to long-term governance.
Proven financial track record
Demonstrate consistent performance through credible historical financial statements.
Balanced valuation strategy
Offer pricing that rewards early investors while sustaining long-term growth.
Reliable internal controls
Implement robust internal control systems aligned with regulatory requirements.
Commitment to sustainability
Drive performance through ESG frameworks, transparent reporting, and sustainability compliance.
Cybersecurity readiness
Ensure a secure digital environment that meets industry and regulatory standards.
The IPO roadmap: A 2+ year journey
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1. Optimising organisational structure for tax efficiency. |
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2. Strengthening business processes and scalable infrastructure. |
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3. Recruiting and upskilling talent. |
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4. Strengthening governance and risk management. |
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5. Establishing credible financial track records and benchmarking KPIs. |
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6. Preparing boards and leadership for public company responsibilities. |
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7. Engaging experienced advisors and external partners. |
This structured IPO roadmap helps organisations transition confidently from private to public.
Key challenges in the IPO journey
Capacity planning
Managing intense timelines and documentation alongside business-as-usual operations.
Access to expertise
Navigating complex financial reporting, tax, legal, and regulatory requirements.
Information management
Handling large volumes of data accurately and efficiently.
Seamless coordination
Aligning multiple workstreams through strong project management and governance.
How does Grant Thornton Bharat help companies go public?
Our IPO Advisory services are designed to address these challenges through a structured, end-to-end approach across the IPO lifecycle. We support clients from early readiness through listing and beyond.
Preparation and Readiness (8–12 months before IPO)
- Tax planning: Choose the right corporate structure and jurisdiction, ensure tax efficiency, and address shareholder/promoter tax implications.
- Strategy and equity story: Develop a compelling equity narrative and define key performance indicators (KPIs). Coach promoters and leadership to communicate the story effectively.
- Pre-IPO valuation: Validate business plans and market assessment to ensure optimal valuation.
- Corporate governance: Enhance and strengthen governance frameworks including board structure, committees, codes of conduct, enterprise risk management (ERM) and compliance with SEBI and listing norms.
- Accounting and financial reporting: Align GAAP standards and disclosures, upskill finance teams, upgrade systems for accurate, timely reporting, strengthen internal controls for audit readiness and build analytics to support the equity story.
- Risk management: Build enterprise risk frameworks and internal controls to mitigate operational and compliance risks.
- ESOP: Ensure employee stock compensation plans are SEBI compliant and evaluate potential tax implications under pre-listing vs post-listing scenario
- Talent: Review leadership structure, align performance and incentives and build a strong talent pipeline for IPO readiness.
- IT and process improvement: Improve system scalability, security and compliance while implementing robust internal controls.
- ESG readiness: Integrate ESG metrics into reporting and strengthen governance disclosures for investor confidence.
Execution and Regulatory Filings (4–6 months before IPO)
- Documentation and compliance: Prepare prospectus, disclosures, and filings; coordinate with regulators and advisors.
- Coordination and project management: Synchronise multiple workstreams such as legal, finance, tax, investor relations under a strong project management office (PMO) structure.
- Information management: Centralise data room for collection and validation to avoid bottlenecks during diligence and filings.
Post-Listing Support
- Investor relations (IR): Build a robust IR function for effective equity story messaging to the investor and other capital market participants.
- Continuous governance: Maintain board effectiveness, ESG commitments, and regulatory adherence.
- Performance monitoring: Track KPIs, deliver on equity story, and sustain market confidence.
- Process optimisation: Continue improving systems, controls, and reporting for long-term resilience.
