Going public is a transformation, not a transaction. CFOs who treat it as the latter are the ones who struggle most in the critical months before and after listing.
India's IPO Pipeline Is Swelling — and CFOs Are Underestimating the Shift
The pipeline of Indian companies preparing for public listings has grown sharply in 2025, fuelled by a receptive market and a generation of PE-backed businesses approaching their natural exit windows. Over the past two years, CXO India has worked with finance leaders at eleven companies through their IPO preparation journeys. The lessons have proved consistent enough to state plainly.
Stop Running the Business Like a Private Company
The single most important move a CFO can make eighteen months before an anticipated listing is to stop managing the business like a private company. It sounds obvious. In practice, it is not.
Private company finance functions are built for efficiency and control: a small team, deep relationships with a handful of banks, and reporting designed for a limited set of internal and external stakeholders. Public company finance functions are built for credibility and transparency:
- Audit-committee-grade processes
- Investor-relations capability
- Quarterly reporting discipline
- The ability to explain every number to an investor who has five minutes and a sceptical prior
The Gap Is Wider Than You Think — and It Takes Longer to Close
The distance between these two operating modes is greater than most CFOs anticipate, and the time needed to bridge it is longer. Each of the following is a multi-month programme in its own right:
- Restating financials to Ind AS
- Implementing systems capable of producing quarterly management accounts within fifteen working days
- Building an investor relations function
- Educating the broader leadership team on the disclosure obligations that come with listing
What Separates the CFOs Who Get It Right
The CFOs who navigate IPO preparation well are those who begin early, are honest about their team's current capabilities, and are willing to bring in external expertise without ego.
