India's capital markets have experienced a significant surge in IPOs recently, with FY26 witnessing ₹1.65 Lakh Cr raised in mainboard IPOs and over ₹5,000 Cr through SME IPOs, according to the National Stock Exchange's March 2026 report.
With a record 99 companies going public by February, the year has marked the highest number of listings and capital raised through mainboard IPOs. Although the SME IPO trend has slightly slowed compared to FY25, the average SME IPO size has increased to ₹49 Cr, nearly quadrupling from six years ago.
Currently, India has around 5,000-7,000 listed companies. As this number continues to grow, traditional investment banking models may struggle to keep pace, creating an opportunity for S45 to innovate.
Founded in early 2025 by Deepank Bhandari, Pankaj Harlalka, and Aman Singh, S45 positions itself as an innovative investment bank focused on addressing gaps in the capital market system. The company aims to take on mandates often overlooked by major firms like JP Morgan and Morgan Stanley, as well as domestic players like Kotak Investment Banking and ICICI Securities.
By automating manual workflows, S45 seeks to enhance access to growth capital and expedite companies' IPO processes. The firm raised $5 million in seed funding from RTP Global to support its mission.
Bhandari, with extensive experience in private equity and banking, brings insights from his previous ventures, including a tech-driven supply chain company. Singh, a graduate of IIT-Delhi, previously founded an AI-powered finance app and worked at a Silicon Valley cybersecurity firm. Harlalka, with two decades of experience in merchant banking, completes the founding team.
S45 operates with a lean team of around 12 members, with each founder focusing on their areas of expertise. The company claims to significantly reduce the time and effort required to evaluate potential clients and prepare IPO documents compared to traditional banks.
For instance, S45 can assess a company's financials and key documents in about 90 minutes, compared to the typical 10-day process in traditional investment banks. The firm has also successfully facilitated the IPOs of 26 companies on the SME board, raising over ₹1,120 Cr in total.
Looking ahead, S45 plans to expand into mergers and acquisitions and aims to close several significant deals by year-end. The company is focused on enhancing its technology team and internal systems to support its growth.
While S45 has achieved around $2 million in revenue in its first eight months, it anticipates a strong pipeline for FY26-27, projecting revenues of approximately $10 million. The founders emphasize that human judgment remains crucial in investment decisions, intending to complement rather than replace the human element in the process.
As S45 navigates the competitive landscape of investment banking, its innovative approach could redefine value creation in the sector, though its success will depend on gaining the trust of the investment community.
