One Journey, One Partner
Going public is not a single event — it is the outcome of years of building the right foundations. Most companies do not fail at the IPO; they fail to be ready for it. Numbers that don't reconcile, governance that hasn't matured, structures that weren't built for scrutiny — these surface at the worst possible moment.
At Seth & Associates, under the expert guidance of our partner Dhruv Seth, we work with you across the full arc: sharpening how the business grows, putting it in listing-ready shape, and standing beside you through the listing itself — whether on the SME platform or the Mainboard. With roots dating back to 1975 and a multidisciplinary bench spanning audit, taxation, forensics, finance, and business advisory, we bring both the technical rigour and the commercial judgement this journey demands.
Growth Advisory
Before a company can list, it has to become genuinely investable. Our growth advisory focuses on the levers that build durable value — not vanity metrics.
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Business Model & Unit Economics — Pressure-test how you make money, improve margins, and identify high-traction avenues for growth.
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Financial Planning & Modelling — Build forecasts, budgets and scenario models that investors and bankers will trust.
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Capital Structuring & Fundraising Support — Prepare for and structure debt, private equity or venture rounds ahead of a listing.
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Systems, MIS & Data Analytics — Put in place the reporting backbone that turns your data into decisions.
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Governance & Process Maturity — Move from founder-led to institution-grade processes, controls and boards.
IPO Readiness
Listing is a demanding, disclosure-heavy process. We get the house in order well before the offer document is drafted, so the process runs smoothly, and surprises are eliminated.
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Diagnostic & Gap Assessment — A candid review of where you stand against listing requirements, and a roadmap to close the gaps.
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Restructuring & Legal Structuring — Group simplification, promoter holding, related-party clean-up and entity structuring.
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Financial Statement Preparation & Restatement — Audited, restated financials aligned to regulatory formats.
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Internal Controls & Corporate Governance — Board composition, committees, policies and IFC/internal audit frameworks.
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Due Diligence Support — Coordinating financial, tax and legal due diligence with your bankers and counsel.
The IPO — SME & Mainboard
Not every company should list the same way. We help you choose the right route and guide you through it end-to-end.
SME IPO (NSE Emerge / BSE SME) Ideal for growing companies seeking capital and visibility with a lighter compliance load. We help with eligibility assessment, merchant-banker coordination, DRHP support, and the migration path to the Mainboard as you scale.
Mainboard IPO (NSE / BSE): For companies of scale seeking deep public-market access. We support rigorous financial and governance preparation, coordination across the full advisor syndicate, and the heightened disclosure and diligence a Mainboard listing demands.
Whichever route fits, our role is the same: to be the trusted, independent advisor in your corner — coordinating merchant bankers, legal counsel, registrars and auditors so nothing falls through the cracks.
How We Work
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Discover — Understand your business, ambitions and current readiness.
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Diagnose — Gap analysis against growth and listing benchmarks.
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Build — Fix structures, financials, governance and systems.
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Prepare — Assemble the offer, coordinate with advisors, and run due diligence.
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List & Beyond — Support through the offer and post-listing compliance.
Why Seth & Associates
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Since 1975 — Nearly five decades of guiding businesses through change.
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Multi-disciplinary bench — Audit, taxation, forensics, finance and advisory under one roof.
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Independent and objective — We work for you, not the deal; our advice is candid.
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Rigour + judgement — Technically exact, commercially sensible.
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Personal attention — Senior involvement throughout, not just at the pitch.