Aevitas Consultancy · Eligibility
Is your company eligible for an SME IPO?
It is the first question every promoter asks, and the one with the most fog around it. Here is what the small-and-medium listing platforms generally look for — in plain language, without the drama.
The checklist
What the SME platforms generally ask for.
You are a company
A private or public limited company under the Companies Act. Proprietorships and partnerships cannot list — converting to a company is preparatory work in itself, and we help plan it when needed.
You have been operating for at least three years
A track record is what the market can judge. Three years of operations is the general expectation on the SME platforms — and honestly, three years of well-kept records matters as much as the years themselves.
Your size fits the SME platform
On the SME platforms, the company's paid-up capital after the offer must stay within twenty-five crore rupees. Smaller-than-mainboard is not a weakness here — the platform was built for exactly this size of company.
Your financials tell a steady story
The platforms look for positive net worth and operating profit in most of the recent years — the exchanges set the exact thresholds and revise them from time to time. Steady beats spectacular: the trend matters more than any single year.
Your assets and borrowings are in comfort
Exchange norms also look at net tangible assets and how much debt the company carries relative to its equity. Neither needs to be perfect — it needs to be explainable, and we help you present it honestly.
Your promoters are ready to commit
Promoters infuse their minimum contribution before the public offer opens and accept lock-in periods — legally required stretches during which their shares cannot be sold. Listing asks promoters to commit alongside the company.
A market maker will back your shares
The SME platforms require a market maker — a licensed participant who keeps your shares tradeable after listing. Arranging one is part of the journey, not a hurdle to fear.
The honest footnote
This checklist is indicative, as of November 2026. The rules come from SEBI's regulations and the exchanges' SME platform norms (NSE Emerge, BSE SME), and both are updated from time to time. The clarity call is where we check your company's actual position against the current rules — the conversation is free.
Which road
SME platform or Mainboard?
India has two small-and-medium listing platforms — NSE Emerge and BSE SME — and the Mainboard, where large companies list. The SME platforms ask for less capital and fewer public-shareholder formalities, and they suit growing companies whose post-issue size stays under the twenty-five-crore-rupee mark.
The Mainboard asks for more: stricter profit and size tests, a wider investor base, and heavier ongoing obligations. Loss-making companies have alternative, more limited routes — the honest answer depends on your numbers, which is precisely what the clarity call is for.
A quick comparison
- SME platforms: built for growing companies; lighter requirements; a market maker supports trading; fewer shareholders needed publicly.
- Mainboard: larger companies; stricter profit and size tests; broader investor reach; heavier ongoing compliance.
- The choice: driven by your size today and your ambition tomorrow — and it is a discussion, not a form field.
The part checklists miss
Eligible is not the same as ready.
Meeting the criteria means the law permits a listing. It does not mean the market will welcome one. What actually decides that: governance that holds up, numbers produced on time, a business that runs beyond the promoter, and a story that survives questioning.
That is the difference between eligible and ready — and building readiness is precisely what we do.
Not eligible yet?
Falling short of a criterion today is normal — most companies do at first. Some gaps are buildable in months, others need longer; a few change the answer entirely. Mapping which is which takes one honest conversation.
Quick answers
Three questions this page always raises.
We meet all of this — should we list?
Not necessarily, and no honest adviser would say so from a checklist. Whether to list depends on why you want it, whether the company is ready for outside shareholders, and whether now is the right time. Eligibility is the entry ticket, not the decision.
We fall short on one criterion — is it over?
Usually not. Some gaps are buildable in months; others need longer; a few genuinely change the answer. The clarity call exists to tell you which kind of gap you have — honestly, and without obligation.
Where do these rules come from?
From SEBI's regulations for public issues and from the exchanges' SME platform norms (NSE Emerge and BSE SME). Both are updated from time to time — which is why this page stays indicative and the conversation stays current.
From checklist to answer
Check it properly, on a free clarity call.
Bring this checklist and your best guess of the numbers. We will tell you honestly where you stand against the current rules, what is buildable, and whether listing is even the right road — free, once, no obligation.
This page is general information, not investment, legal, or tax advice, and it is not an offer of securities. Eligibility norms are indicative as of November 2026 and change; your company's position is confirmed in an engagement after written scope. Public-listing activity is regulated — regulated roles are performed by licensed intermediaries.