01
A companyprepares
The business strengthens its operations, financials, and governance to get IPO ready.
Ambition meets opportunity
Your bridge to
public markets.
AarthaSetu is the bridge between business ambition and public markets.Great ambition deserves the right connections, so the firm brings companies and investors together through pre-IPO advisory, capital connections, and guidance on the journey from private enterprise to public markets.
Rooted in trust
Built for possibility.
Three practices carry companies and investors from private ambition toward public markets.
- 01
Pre-IPO advisory
Preparation and perspective for a company before it steps toward public markets.
- 02
Capital connections
Introductions between businesses seeking capital and investors exploring pre-IPO opportunity.
- 03
Public market journeys
Guidance across the move from private enterprise to public markets.
How the journey begins
One vision.Possibilities beyond.
The journey to public markets starts with clarity. AarthaSetu brings understanding, preparation, and connection into one sequence.
01
Understand the ambition
AarthaSetu starts by learning where a business stands and where it wants to go.
02
Prepare for the next chapter
The approach brings preparation and the next steps into focus before a public-market conversation.
03
Connect with opportunity
Capital, perspective, and the right introductions are brought to the same table.
Our services
Complete Pre-IPO to
Post-Listing Services.
One firm. Every service. Zero gaps. We bring together strategy, execution, and market insight to guide your business at every step of the IPO journey.
01
Pre-IPO Advisory
Build a strong foundation for a successful public market journey.
- Readiness assessments
- Business and financial due diligence
- Corporate structure and governance
- Regulatory compliance and filings
- Advisory on IPO timing and strategy
02
Fundraising & Underwriting
Access the right capital with the right partners.
- Equity, debt, and hybrid instruments
- Underwriting support
- Investor targeting and roadshows
- Term sheet and pricing guidance
- Coordination with market intermediaries
03
Market Making & Liquidity
Support for a strong and stable listing.
- Market making arrangements
- Liquidity management advisory
- Analyst and investor engagement
- Post-listing price discovery support
- Guidance on compliance and disclosures
04
IPO Marketing & Investor Relations
Tell your story to the right investors.
- DRHP positioning and storytelling
- Investor roadshow execution
- Analyst coverage and market feedback
- Ongoing investor communications
- Reputation and brand management
05
Post-Listing Services
Stay compliant, stay connected, keep growing.
- Regulatory and compliance support
- Investor relations advisory
- Financial reporting and communication
- Strategic advice for follow-on capital raises (QIP, FPO, etc.)
- Ongoing market engagement
- End-to-end support
From readiness to long-term growth.
- Experienced team
Deep capital markets and sector expertise.
- Strong network
Trusted relationships across investors, regulators, and partners.
- Long-term partnership
We stay with you beyond listing.
The listing journey
How an IPO works.
An initial public offering is how a private company offers its shares to public investors. These six steps follow that path — from preparation and the prospectus to listing, and the growth that follows.
02
Experts cometogether
Investment banks, legal advisors, auditors, and other experts help shape the IPO.
03
The storyis shared
The company files its prospectus, outlining its business, financials, and future plans for potential investors.
04
Investorsparticipate
Institutional and individual investors review the offering and place their orders.
05
Shares gopublic
The company's shares are listed on a stock exchange, and trading begins.
06
Growth continues
With access to public capital, the company can scale further — creating long-term value for its investors, customers, and communities.
More
possibilities
ahead
A bigger tomorrow
IPO
Ideas meet
opportunity
IPO success stories
Real businesses.Brighter tomorrows.
These are recent SME IPOs in India — on BSE SME and NSE Emerge — that turned ambition into opportunity, creating value for founders, investors, and communities.
BSE SME · Dec 2022
PNGS Gargi Fashion Jewellery Ltd.
Jewellery
A retailer of sterling-silver and fashion jewellery under the brand Gargi by P. N. Gadgil & Sons.
- ₹7.80 Cr
- Issue size
- 228.7×
- Subscription
- ~100%
- Listing gain
₹60 Dec 2022₹620 Sep 2026
~937%Share price growth since listing
BSE SME · Aug 2023
Bondada Engineering Ltd.
Telecom & solar EPC
An engineering firm that builds and maintains telecom towers and solar projects.
- ₹42.72 Cr
- Issue size
- 110.9×
- Subscription
- ~99%
- Listing gain
₹30 Aug 2023₹282 Sep 2026
~842%Share price growth since listing
NSE Emerge · Sep 2023
Kody Technolab Ltd.
Software
A software company building digital products, analytics, and technology services.
- ₹27.52 Cr
- Issue size
- 46.5×
- Subscription
- ~12%
- Listing gain
₹89 Sep 2023₹1,533 Sep 2026
~1,618%Share price growth since listing
NSE Emerge · Feb 2024
Alpex Solar Ltd.
Solar modules
A manufacturer of solar modules, expanding clean-energy capacity in India.
- ₹74.52 Cr
- Issue size
- 223.6×
- Subscription
- ~200%
- Listing gain
₹345 Feb 2024₹846 Sep 2026
~145%Share price growth since listing
NSE Emerge · Apr 2024
TAC Infosec Ltd.
Cybersecurity
A cybersecurity firm that tests and measures digital risk for banks, enterprises, and public institutions.
- ₹29.99 Cr
- Issue size
- 291.8×
- Subscription
- ~187%
- Listing gain
₹152 Apr 2024₹494 Sep 2026
~225%Share price growth since listing
Listing gain is the listing-day close versus the IPO issue price. Share-price growth is the change from that listing-day close to the close on 23 September 2026. Bondada Engineering is adjusted for its 5:1 split in August 2024, Kody Technolab for its 1:1 bonus in December 2024, and TAC Infosec for its 1:1 bonus in October 2025. These examples show what an SME listing has meant for these companies. They are not a forecast or a recommendation. Past performance is not a guide to future results.
The IPO process
From ambitionto opportunity.
A clear, structured journey from private enterprise to public markets.
01
Assess readiness
Evaluate business fundamentals, financial performance, governance and market conditions.
02
Build the right team
Appoint investment banks, legal advisors, auditors, and other key partners.
03
Prepare and restructure
Strengthen financial reporting, corporate governance and operating structure to meet public market requirements.
04
File the prospectus
Submit the Draft Red Herring Prospectus (DRHP) to the regulator, followed by the final prospectus.
05
Market the offering
Conduct roadshows and investor meetings to build interest and gauge demand.
06
Price the shares
Determine the offer price and finalise the size of the issue based on investor demand.
07
List and begin the next chapter
Shares are listed on the stock exchange, and the company begins its journey as a public company.
About AarthaSetu
A bridge betweenambition and opportunity.
AarthaSetu partners with high-potential businesses to navigate their journey to public markets. With deep capital markets expertise, regulatory knowledge, and sector insight, we bring the right connections, guidance, and conviction to help ambitious businesses create lasting value.
Deep expertise
Decades of combined experience in capital markets and advisory.
End-to-end support
From readiness to listing and beyond.
Strong network
Trusted relationships across investors, regulators, and partners.
Focus on long-term value
Helping businesses grow with governance, credibility, and capital.
Our leadership team
Seasoned professionals. A shared commitment to your growth.
Rajesh Dedhia
Director
30+ years in investment banking and IPO advisory. Former senior roles at leading merchant banking institutions.
EducationBSc, MA Economics, CWM
Martin Golla
Director
Seasoned professional with 32+ years of experience in Capital Markets, Fund Raising, Insolvency.
EducationCS, LLB, MBA Finance
Ganesh Pal
Director
5+ years of experience in Capital Markets, Business Development, Compliance, Fund Management.
EducationCS, LLB
Contact us
Let’s buildwhat’s next.
Have a question about an IPO, want to explore how we can work together, or simply want to understand what’s possible — we’re here to help.
Frequently asked questions
Your questions,answered.
Find quick answers to common questions about IPOs, our process, and how we work with businesses like yours.
An Initial Public Offering (IPO) allows a private company to raise capital from public investors by listing its shares on a stock exchange. It can help you fuel growth, enhance brand visibility, provide liquidity to existing shareholders, and create long-term value.