Initial Public Offerings (IPOs) often unfold with the drama and anticipation of a cricket match. Each listing day feels like a toss with lights flashing, anchors predicting outcomes, and investors watching anxiously to see whether founders will “win” on debut. In this excitement, founders are judged like cricketers — celebrated when shares soar, criticised when they don’t.

But IPOs are not matches won or lost in a day. Having worked with many founders through their IPO journeys, I have seen the hard work behind the scenes: Endless documentation, restructuring, regulatory filings, board strengthening, and investor preparation. The bell-ringing ceremony is a proud moment, but behind it lie months of diligence and years of determination.

India today has become one of the hottest IPO venues globally. This reflects a maturing regulatory framework, the credibility of the Securities and Exchange Board of........

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