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IPO & Listing

Built around the issue calendar.Not a launch campaign.

IPO communication starts well before the issue opens. We help companies build the equity story, prepare investor-facing materials and coordinate communication across the IPO journey — from DRHP filing and investor education to listing day and the transition to ongoing investor relations.

See the issue calendar Talk to us
200+ IPO mandates · 75+ listing ceremonies · Main Board & SME · BSE & NSE
Issue calendar trackerLive
1DRHP FilingDay 0
2SEBI ReviewReview
3Investor EducationRoadshow
4Price Band & AnchorPricing
5Issue Open–CloseBidding
6Basis of AllotmentT+1
7Listing DayT+3
8Post-ListingListed
DRHP
Listed
IPO mandates
200+
Run to the issue calendar, DRHP to listing day.
Listing ceremonies
75+
Supported across BSE and NSE, Main Board and SME.
Listing cycle
T+3
Three working days from issue close to trading.

The IPO Journey

Eight stages. One communication plan.

Each stage of an IPO has a different communication requirement. We plan the work around the issue calendar so that the company is prepared before each milestone.

Stage 01 Day 0

DRHP Filing

What happens

The Draft Red Herring Prospectus (DRHP) is filed with SEBI for a Main Board IPO or with the relevant stock exchange for an SME IPO. A public announcement follows within the applicable timeline, and the draft is made available for public comments for 21 days.

How we support

Equity story development, investor presentation preparation based on the filed DRHP, company fact sheets, management positioning and pre-approved media holding statements.

Stage 02 Review

Regulatory Review and Observations

What happens

SEBI reviews the draft offer document and may issue observations. The review timeline can be affected by clarification requests and other applicable requirements.

How we support

We refine communication materials, prepare analyst-ready content and check that investor presentations, interviews and other communication materials remain consistent with the filed offer document and applicable approvals.

Stage 03 Roadshow prep

Investor Education

What happens

The company communicates its business, financial performance and growth plans to relevant investors and market participants through the permitted channels during the IPO process.

How we support

Investor presentation preparation, investor and analyst interactions, media coordination, management preparation and facility visits, where appropriate and permitted.

Stage 04 Pricing

Price Band & Anchor

What happens

The price band is announced before the issue opens, in accordance with the applicable requirements. Anchor investor allocation, where applicable, takes place before the issue opens.

How we support

Preparation of investor presentations, IPO announcements and other approved communication materials, along with coordination of relevant media activities and anchor-related communication.

Stage 05 Bidding

Issue Period

What happens

The bidding window remains open for the prescribed period, during which eligible investors submit applications under the applicable IPO process.

How we support

Coordination of approved IPO roadshows, virtual investor meetings, financial media engagement and management communication, as permitted under the applicable requirements.

Stage 06 T+1 / T+2

Basis of Allotment

What happens

After the issue closes, the basis of allotment is finalised in accordance with the applicable process. Allotment, fund unblocking or refunds, and credit of shares follow the prescribed timeline.

How we support

Coordination of listing-day logistics, preparation of approved press materials and confirmation of stakeholder invitations.

Stage 07 T+3

Listing Day

What happens

Trading in the shares is scheduled to begin on the listing date, subject to the applicable exchange process.

How we support

Exchange ceremony coordination, bell-ringing arrangements, media presence, management interviews and listing-day announcements.

Stage 08 Listed

Post-Listing Transition

What happens

After listing, the company continues to meet its applicable disclosure and reporting obligations. Any anchor investor lock-in requirements apply in accordance with the relevant regulations.

How we support

Transition to an ongoing investor relations programme, including preparation for the first earnings call as a listed company, communication about the company’s performance and investor engagement.

Post-Issue Listing Timeline

From issue close to listing day

For IPOs following the applicable T+3 timeline, the process moves from issue closure through allotment and share credit to the start of trading. Each stage requires coordination with the relevant parties.

T

Issue closes

Bidding ends; no further applications accepted.

T+1

Allotment

Registrar finalises the basis of allotment.

T+2

Credit

ASBA unblocked; shares credited to demat.

T+3

Listing

Trading begins on the exchange.

Working alongside your merchant banker

We manage communication, Not the issue process.

Company / Promoter

The source of all information. Owns every decision and every approval.

BRLM / Merchant Banker

Due diligence, DRHP drafting, regulator and exchange liaison, pricing, book-building and the syndicate.

Responsible for the issue process

Hi-Care Capital Advisors

Narrative, investor materials, financial media, investor meetings and the listing ceremony.

Owns the communication

Legal counsel · Registrar · Intermediaries

Legal diligence, documentation, compliance and allotment processing.

Investors · Analysts · Financial media

The audiences who evaluate the issue.

01

One Communication Interface

One coordinated communication point across the company and its advisors.

02

Clear Approval Process

Communication is reviewed and approved before it goes external.

03

Document Consistency

All communication stays aligned with the approved offer documents.

04

Calendar Discipline

Communication follows the IPO timeline, not last-minute publicity opportunities.

What we don't do

We don't draft the offer document, price the issue, underwrite, or provide investment advice or research recommendations.

Main Board vs. SME IPO

Different Listing Routes. Different Communication Needs.

Main Board and SME IPOs have different investor profiles and market dynamics. Communication should reflect the company's size, business and target investor base.

 Main BoardSME · BSE SME / NSE Emerge
Eligibility criteriaNet tangible assets of at least ₹3 crore, average pre-tax operating profit of ₹15 crore over three years, and net worth of ₹1 crore in each of the preceding three years.Operating profit (EBITDA) of at least ₹1 crore in any two of the last three financial years before filing.
Offer Document ReviewSEBI issues observations.The stock exchange reviews the draft and issues in-principle approval.
Minimum Application SizeStandard retail lot. Retail investors applying up to ₹2 lakh get a 35% reservation in book-built issues.Two lots, valued above ₹2 lakh, across all categories.
Bidding rulesCut-off price available for retail investors.No cut-off price; bids can't be cancelled or revised downward. Bidding closes at 4:00 pm on the final day, UPI mandates by 5:00 pm.
Offer for Sale and Use of ProceedsGeneral corporate purposes up to 25% of the issue.OFS capped at 20% of issue size; general corporate purposes capped at 15% of the issue or ₹10 crore, whichever is lower.
Liquidity supportNot required.Mandatory underwriting (at least 15% from the underwriter) and market-making for at least three years from listing.
Listing timelineT+3T+3
Main Board

Institutional Investor Communication

Institutional investors, analysts and financial media are important audiences. Communication should explain the company’s business, financial performance and growth plans, supported by consistent financial information and relevant peer comparisons.

SME

Communication for HNIs and Broker Networks

Regional business media, investor education and broker networks may be relevant, depending on the company and the issue. Communication should also explain the company’s growth plans and potential eligibility for migration to the Main Board.

Listing day & exchange ceremony

The morning a company becomes listed.

Listing day marks the company's transition from a private business to a publicly traded company. We manage the communication around this important milestone.

Before — planning starts during the issue

  • Exchange coordination and slot confirmation
  • Ceremony concept, creatives, stage and branding
  • Invitee list: promoters, board, bankers, key clients and investors
  • Scripting, anchoring and pre-approved press releases

On the day

  • Guest arrival and briefing
  • The ceremony and bell-ringing at market open
  • Media interactions and management interviews
  • Photography and videography

After the bell

  • Post-listing press release
  • Stakeholder thank-you communication
  • Social and digital amplification
  • First IR touchpoints as a listed company

Our Listing-Day Principle

We focus on the business, not the share price.

Our communication focuses on the company’s business, growth plans and long-term story — not short-term movements in the stock price.

Ceremony activities are subject to exchange approvals and venue requirements. Third-party, venue and exchange charges are borne by the company.

Regulatory checkpoints

The rules that shape what can be said — and when.

SEBI ICDR milestones mapped to the calendar, with what each one means for communication.

CheckpointWhat the regulation requiresCommunication impact
DRHP filed
RequirementPublic announcement within 2 working days of filing, followed by 21 days of public comments.
ImpactThe first public version of your story — everything said afterwards must match it.
While under review
RequirementMarketing is permitted within Regulation 42 and Schedule IX: factual, consistent with past communication, with no projections, forward-looking statements, issue-specific claims or return promises.
ImpactBuild awareness — but no forecasts and no valuation talk.
Observation letter
RequirementValid for 12 months from issue.
ImpactSets the outer launch window for the issue.
RHP & price band
RequirementCombined pre-issue and price-band advertisement at least 2 working days before opening.
ImpactCommunication becomes issue-specific.
Anchor allocation
RequirementOne working day before opening; anchor shares locked in 50% for 30 days and 50% for 90 days.
ImpactAnchor demand is publicly disclosed — accuracy matters.
Issue close → listing
RequirementT+1 allotment, T+2 credit and unblocking, T+3 listing.
ImpactListing day must already be fully planned.
SME post-listing
RequirementA monitoring agency tracks the use of IPO proceeds.
ImpactUse-of-proceeds updates become part of the ongoing story.

Indicative only. Regulatory compliance is owned by the BRLM and legal counsel; this is not legal advice. SEBI amends the ICDR Regulations periodically — always confirm current requirements with your advisers.

Getting investor-ready

Communication Readiness Before the DRHP

What to have in place before you file. Filing is the midpoint of the process, not the start.

12–18 monthsWhere feasible, begin preparing 12–18 months before the target listing date. This allows time to address readiness gaps, although the appropriate timeline will depend on the company’s circumstances.

Financial readiness

  • Three years of audited financial statements, restated as required
  • Eligibility assessed against the applicable Main Board or SME criteria
  • Related-party transactions and other material disclosures properly documented

Governance

  • Conversion to a public limited company completed, where required
  • Board composition and committee arrangements reviewed against applicable requirements
  • Company secretary and compliance officer appointed, as applicable

Legal and Corporate Readiness

  • Capitalisation table and share-transfer history reviewed and documented
  • Litigation identified and disclosed as required
  • Licences and statutory approvals reviewed to ensure they are current

Narrative and CommunicationWhere Hi-Care comes in

  • Develop the equity story and identify relevant listed peers
  • Ensure key performance indicators are defined consistently across communication materials
  • Identify management spokespeople and prepare them for media interactions
  • Review the existing website, presentations and other communication materials for inconsistencies
  • Prepare the investor relations section of the website and organise relevant photographs and video assets

IPO questions

What companies ask before they file.

Plan for 12–18 months of preparation before your target listing. After filing, companies with clean financials and few regulatory queries typically list within 3–6 months; heavy query loads can stretch the process toward the full 12-month validity of the SEBI observation letter.
The DRHP is the draft filed for regulatory review — it carries no price band or issue dates. The RHP is filed with the Registrar of Companies just before the issue opens and includes the price band, issue dates and updated financials. Communication moves from general awareness to issue-specific once the RHP is public.
Anchor investors are allocated shares one working day before the issue opens. The anchor book is publicly disclosed and is often the market’s first read on institutional demand — so communication around it has to be accurate and pre-approved.
Yes — within the ICDR guardrails. Communication must be factual and consistent with the offer document, with no financial projections, forward-looking statements or return claims.
Only three working days separate issue close from listing. The ceremony, press material and invitations therefore have to be ready before the issue even opens.
Yes, but the bar rose sharply in 2025. NSE requires at least three years on Emerge, revenue above ₹100 crore in the last financial year, positive operating profit in two of the preceding three years, average market capitalisation of at least ₹100 crore and 500 public shareholders. BSE requires average EBITDA of ₹15 crore over the preceding three years (minimum ₹10 crore each year), 1,000 public shareholders and a six-month average market capitalisation of ₹100 crore.
Yes. Our IPO communications experience spans both platforms, on BSE and NSE.

Planning a listing?

Filing in the next 12–18 months?Start the narrative before the DRHP.

The earlier the equity story is built, the more of the issue calendar it can shape. Tell us your target timeline and we'll map the communication plan to it.

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