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Mainboard IPO Listing — India's Premier Capital Markets Platform

End-to-end Mainboard IPO advisory for NSE and BSE listing. SEBI ICDR compliance, DRHP/RHP preparation, merchant banker coordination, and book building — with a 95% SEBI approval rate across 100+ Mainboard IPOs advised.

SEBI ICDR Compliant
NSE & BSE Listed
?1.5L Cr+ Capital Raised
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 Rated 4.8/5  ·  10,000+ Clients  ·  No Spam
100+ Mainboard IPOs
SEBI ICDR Registered
95% SEBI Approval Rate
₹1.5 Lakh Cr+ Capital Raised
Rated 4.8 / 5
India's IPO Market

India's NSE & BSE Mainboard IPO Market Surged Past ₹1.5 Lakh Crore in FY2025-26

120+ Mainboard IPOs in FY2025-26 raised over ₹1.5 lakh crore — cementing NSE and BSE as top-5 global exchanges by IPO volume. Mainboard listing unlocks institutional investors (FII/DII), MSCI index eligibility, global analyst coverage, and liquidity that no other platform can match. Enterslice has advised 100+ companies through this journey with a 95% SEBI approval rate.

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120+
Mainboard IPOs filed on NSE & BSE in FY2025-26
₹1.5L Cr
Capital raised through Mainboard IPOs in FY2025-26
8–12M
Typical Mainboard IPO timeline from mandate to listing
95%
Enterslice SEBI approval rate across 100+ Mainboard IPOs

What is Mainboard IPO Listing in India?

A Mainboard IPO is the listing of established companies on India's premier exchanges — NSE (National Stock Exchange) and BSE (Bombay Stock Exchange). Reserved for corporations with ₹10 crore+ paid-up capital and a 3–5 year profitability track record, Mainboard IPO delivers the broadest investor base, deepest trading liquidity, and maximum market visibility.

The entire process — from ICDR readiness assessment to exchange listing — spans 8–12 months under SEBI's ICDR (Issue of Capital and Disclosure Requirements) framework. Mainboard-listed companies gain access to FII/DII participation, MSCI/FTSE index eligibility, global analyst coverage, and secondary market liquidity unmatched by any platform.

SEBI ICDR 2018 — Key Eligibility Thresholds: Paid-up equity capital ≥ ₹10 Cr post-issue; Net tangible assets ≥ ₹3 Cr in each of 3 preceding years; Distributable profits for 3 of 5 preceding years (or net worth ≥ ₹1 Cr for QIB route); Issue size ≥ ₹10 Cr. Enterslice assesses eligibility before engagement, saving time on non-qualifying mandates.

SEBI ICDR Eligibility Criteria

  • Net Tangible Assets: ≥ ₹3 crore in each of the 3 preceding full financial years
  • Profitability: Distributable profits in at least 3 of the 5 immediately preceding years (or QIB route)
  • Net Worth: ≥ ₹1 crore in each of the 3 preceding full financial years
  • Issue Size: ≥ ₹10 crore; ≥ 25% of post-issue capital must be offered to public
  • Promoter Lock-in: 18 months on 20% post-issue capital; 6 months on remaining holding
IPO Quick Reference
Minimum Paid-Up Capital₹10 Cr+
IPO Timeline8–12 Months
SEBI ICDR RouteProfitability / QIB
Public Offer Size≥ 25% of Post-Issue
ExchangesNSE & / or BSE
DRHP FilingWith SEBI & Exchange
Book BuildingQIB · HNI · Retail
Listing Day T+6From IPO Close
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Our Services

Mainboard IPO Advisory Services

Comprehensive end-to-end IPO advisory — from SEBI ICDR readiness through DRHP drafting, book building, and post-listing compliance.

SEBI ICDR Readiness Assessment

Comprehensive gap analysis against SEBI ICDR 2018 eligibility criteria. Financial restating under Ind AS, capital structure review, promoter holding analysis, and a detailed IPO readiness road map.

  • ICDR eligibility gap analysis
  • Financial statement restating (Ind AS)
  • Promoter background verification
  • IPO readiness timeline & milestones

DRHP & RHP Preparation

Drafting the Draft Red Herring Prospectus (DRHP) and Red Herring Prospectus (RHP) — the primary disclosure documents filed with SEBI, NSE, and BSE. Comprehensive, legally reviewed, and SEBI observation-ready.

  • Business description & risk factors
  • Financial information (5-year restated)
  • Capital structure & objects of issue
  • SEBI observation letter response

Merchant Banker Coordination

Coordination between SEBI-registered Book Running Lead Managers (BRLMs), legal counsels, statutory auditors, registrars, and stock exchanges — ensuring every party is aligned and the IPO process runs on schedule.

  • BRLM identification & appointment
  • IPO team project management
  • Due diligence coordination
  • Exchange & SEBI liaison

Book Building & Pricing Strategy

Price band determination, anchor investor strategy, QIB allocation planning, and book building management. We work alongside BRLMs to ensure optimal pricing and full subscription across all investor categories.

  • Valuation & price band analysis
  • Anchor investor strategy
  • QIB / HNI / Retail allocation
  • Book building monitoring

Investor Roadshow Strategy

Pre-IPO investor education and roadshow management — crafting the equity story, investor presentation, and coordinating management meetings with institutional investors, fund managers, and analysts across India and globally.

  • Equity story development
  • Investor presentation preparation
  • Domestic & global roadshow
  • Analyst meeting facilitation

Post-Listing LODR Compliance

Continuous compliance management under SEBI LODR Regulations post-listing. Board composition, committee management, periodic disclosures, related party transaction approvals, and insider trading policy implementation.

  • SEBI LODR Reg 17–27 compliance
  • Quarterly & annual disclosure filings
  • Corporate governance framework
  • Insider trading policy
Our Process

Mainboard IPO Process — Step by Step

A structured 8–12 month journey from IPO decision to NSE/BSE listing, managed end-to-end by Enterslice.

01

IPO Readiness & Pre-Filing (Months 1–2)

ICDR eligibility assessment, financial gap analysis, board restructuring, ESOP compliance, cap table clean-up, and appointment of IPO team — BRLMs, legal counsel, statutory auditor, and registrar.

02

Due Diligence & DRHP Drafting (Months 3–5)

Legal, financial, and tax due diligence by the IPO team. DRHP drafted covering business description, risk factors, 5-year restated financials, objects of issue, and promoter background. Internal review cycles completed.

03

SEBI Filing & Observation (Months 5–7)

DRHP filed with SEBI, NSE/BSE, and public domain. SEBI issues observations (typically within 30 days). We manage the SEBI observation letter response, incorporating all required changes into the final RHP.

04

Pre-IPO Investor Marketing (Months 7–9)

Equity story development and investor presentation preparation. Analyst meetings, pre-IPO investor education, anchor investor identification, and domestic + global roadshow management to build institutional demand.

05

Book Building & Allotment (Months 9–11)

Price band finalization, RHP filing, IPO open (typically 3 days), book building across QIB/HNI/Retail categories, anchor allotment on day-1, final allotment, refunds, and credit of shares to demat accounts.

Listing Day & Beyond

NSE/BSE listing on T+6 from IPO close. Post-listing LODR compliance setup, investor relations program launch, and ongoing quarterly reporting under SEBI disclosure requirements.

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Why List on Mainboard

Benefits of Mainboard IPO Listing

Mainboard listing on NSE and BSE delivers capital, credibility, and liquidity that no other funding mechanism can match.

Primary Capital Raising

Raise ₹50 Cr to ₹10,000+ Cr in primary capital for growth, acquisitions, debt repayment, and working capital — without diluting control beyond what you choose to offer.

Institutional Investor Access

FIIs, DIIs, mutual funds, insurance companies, pension funds, and sovereign wealth funds — all restricted to listed companies — become available as long-term investors post-listing.

Promoter Liquidity (OFS)

Existing shareholders — promoters, PE/VC investors, and early employees — can exit through the Offer for Sale (OFS) component, realising liquidity after years of value creation.

Brand & Credibility Premium

NSE/BSE listed companies command immediate credibility with customers, suppliers, lenders, and employees — reducing cost of capital, enabling better credit terms, and attracting top talent through ESOPs.

Currency for Acquisitions

Listed shares serve as acquisition currency — enabling stock-for-stock deals that conserve cash. Many companies accelerate inorganic growth dramatically post-listing using their market cap as M&A leverage.

MSCI / FTSE Index Eligibility

Qualifying listed companies are eligible for inclusion in MSCI India, FTSE India, BSE 500, and Nifty indices — triggering passive fund inflows and dramatically improving share liquidity and price discovery.

FAQ

Frequently Asked Questions

Under SEBI ICDR Regulations 2018, the minimum requirements for the Profitability Track Record route are: (a) Net tangible assets of at least ₹3 crore in each of the 3 preceding full financial years; (b) Distributable profits from operations in at least 3 of the 5 immediately preceding financial years; (c) Net worth of at least ₹1 crore in each of the 3 preceding full financial years; (d) The issue size shall not exceed 5 times the pre-issue net worth. Alternatively, under the QIB route, companies not satisfying the above can still file if at least 75% of the offer is allotted to Qualified Institutional Buyers (QIBs).

A typical Mainboard IPO takes 8–12 months from mandate to NSE/BSE listing. The major phases are: IPO readiness and team formation (1–2 months), due diligence and DRHP drafting (2–3 months), SEBI filing and observations (1–2 months), investor marketing and roadshow (2–3 months), and book building, allotment, and listing (1–2 months). Companies that have already completed IPO readiness work (board restructuring, Ind AS restatement) can sometimes complete the process in 7–8 months.

Mainboard IPO is listed on NSE's main board or BSE's main board, accessible to all investors including institutional investors (QIBs), and requires higher eligibility thresholds (₹10 Cr+ paid-up capital, profitability track record). SME IPO is listed on NSE Emerge or BSE SME platforms, has lower eligibility thresholds (₹1–25 Cr paid-up capital), is primarily targeted at High Net Worth Individuals and retail investors, and has a minimum application lot size of ₹1 lakh. Mainboard companies benefit from much higher liquidity, institutional participation, and analyst coverage than SME-listed companies.

Total IPO costs typically range from 3–8% of the issue size for a Mainboard IPO, depending on issue size and complexity. Major cost components include: BRLM underwriting and management fees (2–4% of issue size), legal counsel fees (₹50 Lakh–₹2 Cr), registrar and transfer agent fees, advertising and roadshow expenses, SEBI and exchange filing fees (₹10–50 Lakh depending on issue size), printing costs, and advisor fees. For a ₹500 Cr IPO, total costs would typically be ₹15–35 Cr. These costs are accounted for in the IPO objectives and are disclosed in the DRHP.

Yes — under the QIB Route (SEBI ICDR Regulation 6(1)). Under this route, a company that does not satisfy the profitability and net tangible asset criteria can still file a DRHP if at least 75% of the offer is mandatorily allotted to Qualified Institutional Buyers (QIBs). This route has been used by several technology, new-age, and high-growth companies where historical profitability doesn't reflect future potential — such as Zomato, Nykaa, Paytm, and Delhivery. The QIB route requires the company to have a strong institutional investor narrative and a credible growth story.

Under SEBI ICDR Regulations, promoter lock-in for a Mainboard IPO is: (a) The minimum promoter contribution of 20% of post-issue paid-up capital is locked in for 18 months from the date of allotment; (b) The remaining promoter holding (beyond the minimum 20%) is locked in for 6 months from the date of allotment. For public shareholders (non-promoters) who hold shares prior to the IPO, shares held for less than 1 year before the date of filing the DRHP are locked in for 6 months from the date of allotment. Pre-IPO placement shares are also locked in for 6 months from allotment.
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Why Enterslice

Why Choose Enterslice for Your Mainboard IPO?

India's most trusted IPO advisory firm — combining SEBI expertise, transaction experience, and end-to-end execution capability.

100+ Mainboard IPOs

Advised and coordinated 100+ Mainboard IPO mandates across manufacturing, technology, FMCG, pharmaceuticals, infrastructure, and financial services sectors on NSE and BSE.

95% SEBI Approval Rate

Our meticulous DRHP drafting process and proactive SEBI observation management delivers a 95% first-filing approval rate — significantly reducing time-to-listing compared to industry average.

End-to-End Execution

From ICDR readiness to post-listing LODR compliance — Enterslice manages every phase, every workstream, and every stakeholder, so management can focus on running the business.

BRLM & Institutional Network

Established relationships with leading BRLMs, FII/DII fund managers, and domestic institutional investors — ensuring your IPO reaches the right investors at the right price.

Expert DRHP Drafting

Our team of SEBI-registered professionals, CA partners, and corporate lawyers has drafted 100+ DRHPs — anticipating SEBI observations, structuring disclosures correctly, and minimising regulatory risk.

Rated 4.8 / 5

Consistently rated 4.8/5 by IPO clients for advisory quality, execution speed, and management support. ₹1.5 lakh crore+ capital raised across all IPO mandates advised by Enterslice.

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100+ Mainboard IPOs
95% SEBI Approval Rate
End-to-End Management
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