S45 Introduces AI-Based Platform for IPO Execution

Why It Matters

By automating high‑friction IPO processes, S45 boosts pricing precision and reduces time‑to‑market, giving Indian issuers a competitive edge in a fast‑growing capital market.

Key Takeaways

• First AI‑driven IPO platform in India
• Reduces IPO readiness assessment to 30 minutes
• Achieved average 168.4× subscription across 26 IPOs
• Generated Rs 1,120.8 crore capital in pilot
• Cuts prospectus preparation to seven days

Pulse Analysis

India’s equity markets have surged in depth and breadth, yet the back‑office mechanics of IPOs remain entrenched in legacy spreadsheets and fragmented communications. The introduction of S45’s AI‑native platform marks a pivotal shift toward data‑validated governance, where machine intelligence augments bankers rather than replaces them. By ingesting live investor demand, regulatory queries, and sector comparables, the system delivers a unified operating layer that promises clearer price discovery and faster decision cycles.

During its pilot phase, the platform facilitated 26 offerings across aerospace, chemicals, healthcare, and technology, collectively raising over Rs 1,120.8 crore. Subscription levels averaged 168.4‑times, with peaks hitting 325‑times, underscoring the appetite for precision tools that can capture real‑time market sentiment. The AI engine’s ability to compress IPO readiness checks to 30 minutes and draft red‑herring prospectuses to a week translates into tangible cost savings and reduced opportunity risk for issuers, especially SMEs navigating stringent SEBI requirements.

Looking ahead, S45’s model could set a new industry benchmark, prompting traditional banks to integrate similar AI capabilities or risk obsolescence. The platform’s emphasis on transparency and regulatory alignment may also attract foreign investors seeking standardized governance in emerging markets. As Indian capital markets continue to mature, AI‑driven platforms like S45 are poised to become the core infrastructure for next‑generation listings, reshaping how capital is allocated and accelerating the country’s broader financial digital transformation.

S45 introduces AI-based platform for IPO execution

ET Bureau · Feb 17 2026, 06:22 PM IST

India’s capital markets are entering a new era of technological disruption as artificial intelligence begins to reshape the way companies go public.

S45 announced on Tuesday the launch of the nation’s first AI‑enabled investment‑banking platform, with the goal of replacing old manual workflows that have long hampered IPO execution for capital‑market issuers.

The development demonstrates the gradual evolution of augmented investment banking, in which machine intelligence improves, rather than replaces, human advice in decision‑making.

While investor involvement in India has increased considerably in recent years, IPO execution is still largely based on fragmented communication and static spreadsheets. S45 said its platform seeks to address this structural gap by introducing an integrated operating system designed to bring transparency and data‑validated precision to the listing lifecycle.

“India’s capital markets have entered an era of unprecedented scale and maturity, yet the execution frameworks powering most IPOs remain anchored in high‑friction, legacy methods that haven’t kept pace with this growth,” said Deepank Bhandari, co‑founder of S45. “This disconnect often leaves even the strongest companies navigating a ‘black box’ of fragmented workflows and manual administrative hurdles during their most critical transition.”

Bhandari said that the company intends to close that gap by delivering an institutional‑grade infrastructure layer that empowers issuers with data‑validated precision. He claims that by combining AI‑driven governance and real‑time demand data, the platform propels the industry beyond traditional approximation and toward higher transparency and execution assurance.

A multidisciplinary team led by Bhandari, Pankaj Harlalka, Aman Singh, and Tushar Sharma established S45 to solve structural inefficiencies in the capital‑markets execution framework.

During its pilot phase, the platform was used for 26 IPOs in the aerospace, chemicals, healthcare, and technology industries. The company’s proprietary data‑engineering stack watches investor demand in real time, resulting in a total of Rs 1,120.8 crore raised through these listings.

According to S45, mandates on the platform recorded an average subscription of 168.4 times, with peak demand reaching 325 times. The platform generated cumulative investor bids totalling Rs 3,64,719 crore. Issuers achieved an average listing gain of 43.1 %, with an average listing pop of 47.1 % over the past 12 months.

The platform integrates functions including eligibility verification, version‑controlled disclosure management, SEBI query lifecycle tracking and valuation models linked to live sector comparables. The company describes this approach as “precision banking,” aimed at moving intermediaries and issuers away from approximation and toward improved price discovery and post‑listing investor engagement.

As public‑market activity in India remains robust, S45 said it is positioning its AI‑native stack as a core operating layer for the next generation of Indian issuers seeking execution certainty and global governance standards.

The platform is designed to modernise the end‑to‑end IPO lifecycle, reducing IPO readiness assessment to 30 minutes and bringing Draft Red Herring Prospectus preparation time down to a projected seven days. By embedding AI‑driven validation and regulatory‑process mapping, the system provides boards and chief financial officers with real‑time visibility into the listing process while reducing regulatory friction.

S45 advises Indian companies with SME and main‑board IPOs, combining sector‑specific banking knowledge with proprietary technology for IPO readiness, valuation intelligence, and book‑building optimisation.