The IRA Score Framework
Our IPO Readiness Assessment (IRA) methodology is built on years of investment banking experience and deep understanding of Indian capital markets. We've distilled the complex IPO listing requirements into a structured, 57-question framework that evaluates companies across four critical dimensions.
The IRA Score provides a quantitative measure of your company's readiness to list on BSE/NSE SME exchanges, combining regulatory compliance, financial strength, operational maturity, and sector-specific factors.
Four Assessment Pillars
1. Eligibility Criteria
Foundation-level requirements mandated by SEBI and stock exchanges for SME listing.
- •Net Tangible Assets (≥ Rs 1.5 Cr)
- •Track record (company/promoter ≥ 3 years)
- •Positive net worth
- •Post-issue paid-up capital (≤ Rs 25 Cr)
2. Financial Health
Deep-dive analysis of your financial statements, ratios, and growth trajectory.
- •Revenue growth trends (3-year CAGR)
- •Profitability metrics (EBITDA, PAT margins)
- •Debt-to-equity ratio and liquidity
- •Working capital management
3. Company Readiness
Organizational structure, governance, and operational maturity for public listing.
- •Corporate governance practices
- •Board composition and independence
- •Internal controls and compliance
- •Management team strength
4. Sector-Specific Factors
Industry-specific considerations that impact listing success and investor appeal.
- •Market positioning and competitive advantage
- •Sector growth potential
- •Regulatory compliance (sector-specific)
- •ESG and sustainability factors
How We Calculate Your IRA Score
Question Scoring Framework
Yes
Criteria fully met
Maybe
Partially met
No
Not met
N/A
Not applicable
Final Rating Categories
IPO Ready
Your company meets or exceeds the critical requirements for SME listing. You can proceed with IPO preparation with high confidence. Recommended next steps: Engage merchant banker, prepare DRHP, and initiate compliance audit.
Needs Improvement
Your company shows potential but has specific gaps that need to be addressed. With targeted improvements over 6-12 months, you can achieve IPO readiness. We'll provide a customized action plan.
Not Ready
Significant gaps exist across multiple dimensions. Listing is not advisable at this stage. Focus on fundamental business strengthening. Estimated timeline: 18-24 months of structured development required.
Data Sources & Validation
Financial Documents
- • Audited financial statements (last 3 years)
- • Tax returns and GST filings
- • Management Information System (MIS) reports
- • Cash flow statements and projections
Legal & Compliance
- • Certificate of Incorporation
- • Board resolutions and shareholder agreements
- • Regulatory licenses and approvals
- • Litigation status and IP documentation
Assessment Process
Preliminary Eligibility Check
5 minutesQuick online assessment covering the 5 fundamental eligibility criteria. Get instant results.
Document Submission
1-2 daysUpload financial statements, legal documents, and other required materials through our secure portal.
Detailed Analysis
3-5 daysOur experts analyze your data across all 57 questions, validating claims and calculating your IRA Score.
Score Delivery & Consultation
1 dayReceive your comprehensive report with actionable recommendations. Schedule a consultation with our IPO advisor.
Why Trust Our Methodology?
Years of investment banking experience
Successful SME IPO listings supported
SEBI-compliant assessment framework
Ready to Get Your IRA Score?
Start with our free preliminary eligibility check. It takes less than 5 minutes and gives you immediate feedback.
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