/ Pre-IPO Roadmap Specialist · Updated 2026-10-22

Best CA for Startup IPO Roadmap (Pre-Main Board), Series C to listing bell journey.

Startup planning Main Board IPO (NSE / BSE) within 24-36 months needs integrated pre-IPO roadmap: 3-year audited track record + Ind AS restatement + SEBI ICDR compliance + Rule 9B demat + FEMA cleanup + Section 56(2)(viib) legacy + ESOP SEBI SBEB + corporate governance. BQP specialist pre-IPO practice. Here's the complete 24-month pre-IPO framework.

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Written by CA Durgesh Chavda

Chartered Accountant (ICAI) · Founder, Bharat Quantum Prospera · US incorporation, India-US DTAA, FEMA ODI, NRI taxation, cross-border structuring · LinkedIn

/ 24-month pre-IPO roadmap

The phased approach.

Months 1-3: Readiness assessment + strategy

Current state audit: financial + legal + compliance.
SME IPO vs Main Board decision.
Target issue size + pricing framework.
Target investor base (institutional + retail).
SEBI ICDR Regulations compliance baseline.

Months 3-9: Financial restatement + compliance cleanup

3-year audited financial track record in Ind AS.
ASC 606 → Ind AS 115 revenue recognition conversion (if US GAAP previously).
ASC 842 → Ind AS 116 lease conversion.
ASC 718 → Ind AS 102 SBC conversion.
FEMA cleanup: FC-GPR missed + FC-TRS missed + FLA Return missed - voluntary compounding.
Rule 9B demat: all shareholders in demat form.
Section 56(2)(viib) legacy review: historical rounds pre-abolition.

Months 9-15: SEBI ICDR structuring + DRHP preparation

Promoter + Promoter Group identification per SEBI ICDR Reg. 2(1)(oo).
Minimum promoter contribution + lock-in requirements.
Public shareholding dilution structuring.
Related Party Transactions (RPT) audit under Section 188 Companies Act.
Internal Financial Controls (ICFR) audit sign-off.
ESOP SEBI SBEB Regulations compliance.
DRHP (Draft Red Herring Prospectus) drafting support in coordination with Merchant Banker + Legal Counsel.
Independent Director appointments.
Audit Committee + specific board committee setup.

Months 15-21: SEBI filing + regulatory review

DRHP filing with SEBI.
SEBI observations + response iterations.
Stock exchange in-principle approval.
Marketing material + investor roadshow preparation.
Price band + pricing strategy with Merchant Banker.

Months 21-24: IPO execution + listing

Anchor investor allotment (60% of QIB portion).
Public issue open 3-5 days.
Allotment + listing.
Post-listing LODR compliance roadmap.

/ Vendor coordination

Pre-IPO team.

Merchant Banker: typically Big-5 (Axis Capital / ICICI Securities / IIFL / Motilal Oswal / specific) OR specialist boutique. BQP coordinates financial workstream.
Legal Counsel: typically Indian law firm specialising in capital markets (Khaitan / AZB / Shardul Amarchand / Trilegal / JSA). BQP coordinates compliance workstream.
Statutory Auditor: if Big-4 wanted for brand, Big-4 as statutory auditor + BQP as pre-IPO specialist advisor. If BQP acts as statutory auditor, suitable for mid-market Main Board.
RTA (Registrar & Transfer Agent): Link Intime / KFin / specific. BQP coordinates share capital + Rule 9B demat.
Depository (NSDL / CDSL): for ISIN + demat facilitation.
Printer + Marketing / PR + Advertising + Roadshow organiser: standard vendor set.

/ Common pre-IPO issues BQP sees

Where readiness surfaces gaps.

FEMA breaches - missed FC-GPR / FLA / APR filings - need compounding before DRHP filing.
Rule 9B demat non-compliance - mandatory pre-IPO.
Section 56(2)(viib) legacy angel tax - historical rounds pre-abolition - need resolution.
Related party transaction documentation + arm's-length - critical for Section 188 compliance.
ESOP SEBI SBEB Regulations - historical ESOP grants may not comply.
Promoter identification issues - founders + their affiliates per SEBI definition.
Independent Financial Advice / ICFR audit - audit framework needs setup.
Specific litigation + material contingent liability disclosure.
DPT-3 + MSME Form I + DIR-3 KYC + specific annual filings gaps.

Last updated: 2026-10-22.

/ Ready when you are

Series C+ startup planning Main Board IPO in 24-36 months?

Pre-IPO roadmap + Ind AS restatement + FEMA cleanup + Rule 9B demat + SEBI ICDR + DRHP. BQP pre-IPO specialist practice. Scope-based engagement.

Get a firm quote → WhatsApp Durgesh

FAQ

Common questions, answered.

How long is the typical pre-IPO journey?

24-36 months for Main Board; 12-18 months for SME IPO. Phases: readiness assessment (1-3 months), financial restatement + compliance cleanup (6 months), SEBI ICDR structuring + DRHP (6 months), SEBI review + stock exchange approval (6 months), execution + listing (3 months). Longer if major compliance cleanup needed (FEMA / Rule 9B / 56(2)(viib) legacy).

Should startup use Big-4 statutory auditor for IPO?

For Main Board INR 1,000 crore+ issue size: typically yes - SEBI + investors expect Big-4 brand. For Main Board INR 300-1,000 crore: Big-4 or specialist firm acceptable. For SME IPO + smaller Main Board: specialist firm (BQP) workable. Combined engagement common: Big-4 as auditor + BQP as pre-IPO specialist advisor.

What are the biggest pre-IPO compliance gaps?

Top 5 per BQP engagement experience: (1) FEMA breaches - FC-GPR / FLA / APR missed filings - need compounding before DRHP filing (adds 90-180 days). (2) Rule 9B demat non-compliance - mandatory pre-IPO. (3) Section 56(2)(viib) legacy angel tax exposure from pre-abolition rounds. (4) RPT documentation + arm's-length. (5) ESOP SEBI SBEB compliance.

Is 3-year Ind AS track record mandatory?

Yes for Main Board IPO - 3 years of audited financials in Ind AS. If company's historical accounts are in Indian GAAP (older) or US GAAP (if US-HQ'd previously), restatement to Ind AS required. ASC 606 → Ind AS 115 revenue + ASC 842 → Ind AS 116 lease + ASC 718 → Ind AS 102 SBC conversions.

Can BQP work with Merchant Banker + Legal Counsel on pre-IPO?

Yes - standard. BQP's compliance + financial workstream feeds into Merchant Banker's DRHP + Legal Counsel's SEBI filing. Weekly cross-firm status call during pre-IPO phase. Prior work with Axis Capital / ICICI Securities / IIFL + Khaitan / AZB / Shardul Amarchand on specific SME + Main Board mandates.

Does BQP handle complete pre-IPO roadmap including vendor coordination?

Yes - specialist practice. 24-36 month pre-IPO roadmap + Ind AS restatement + SEBI ICDR structuring + DRHP compliance workstream + vendor coordination (Merchant Banker + Legal Counsel + RTA + Depository + Printer) + post-listing LODR roadmap. For startups + mid-market Main Board + SME IPO. WhatsApp +91 78018 87130.