IPO preparation, on the promoter's side

You know what your company is worth.

The question is whether an investor sees it too.

Valuation is what an investor is convinced to pay. Conviction rests on evidence, and evidence can be built.

How an investor reads you
RevenueRs 120 Cr ProfitRs 12 Cr Worth? WHAT YOU SEE WHAT AN INVESTOR SEES

What you see: the people, the orders, the years.What an investor sees: revenue, profit, and a question.

Between your number and the investor's, there is a gap.

Negotiation does not close it. Evidence, built before the market sees you, narrows it.

What you know it is worth

Years of work

Before it was a company, it was a promise you kept.

Preparation

What investors pay

A few weeks of reading

Example Company Pvt. Ltd.Profit and loss, year 3, Rs Cr
  • Revenue from operations120.0
  • Cost of materials78.4
  • Employee costs11.2
  • Other expenses9.6
  • Finance costs and depreciation4.8
  • Tax4.0
  • Profit after tax12.0

Same turnover. Two different valuations. Why?

Investors pay for the quality behind turnover.

Both: Rs 120 crore revenue, Rs 12 crore profit

Three customersThree hundred customers

Two example companies, for illustration.

  • A few large customers

    An investor sees risk, until the years and contracts behind them are shown.

  • Repeat orders

    Orders that return are paid for. Orders won afresh are marked down.

  • What only you do

    An advantage never stated is never paid for.

You do not decide the valuation. You decide the evidence.

The gap is no one's fault. It is data, and much of it already exists in your business.

What you knowWhat investors check
  1. the first customer, still orderingYears with the oldest customer
  2. new books every DiwaliRepeat customers
  3. a Diwali box for everyoneShare of the largest customer

An example company, for illustration.

Eight stages to listing. Your story is built in three.

Mansukhbhai starts before a merchant banker is appointed, works on your side alongside one, and stays after listing.

  1. Growth
  2. Decision
  3. Preparation
  4. Banker
  5. Filing
  6. Review
  7. Investors
  8. Listing

Your story, told with technical knowledge and data.

Met bankers, or paused? Start where you are.

How other companies told their story.

Public offer documents, read the way an investor reads them, for what a growing company can learn.

BSE and NSEListed 28 October 2026 Jio Platforms LimitedTelecom and digital services Jio Platforms: reading EBITDA less cash capex, a KPI the company chose to report. Read the review BSE and NSEListed 30 September 2026 Adroit Industries (India) LimitedPropeller shafts for vehicles What Adroit's cash flow and working capital days show beyond a 27.66% EBITDA margin Read the review NSEListed on BSE 24 September 2026 National Stock Exchange of India LimitedStock exchange NSE: reading a normalised margin, its reconciliation and members' money in cash flow. Read the review
All IPO reviews

Prepared and listed.

Issue facts from BSE and NSE. Mansukhbhai's work was preparation of the company's records, data and business case. Each issue was managed by the company's own SEBI-registered merchant banker. See our work

You have told this story for years. Tell it once more, privately.

Talking is not deciding. Bring the family. Whether to list, and when, stays your decision.

Begin a conversation

Or call +91 88988 13695 or write to [email protected]

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