One time, I was wandering in Chitkul (Himachal Pradesh). I met a cafe owner and we were talking for some time. Then he told me that he is preparing for SME IPO for the cafe + 2 more hotels in mumbai in his name and he just had a call with exchange folks. He showed me a paper with answers.
I asked him the usual questions - # of shares, market cap expectation etc,.
He said he knows nothing about all that. His friend is doing all the leg work and he is just the front.
In another conversation, CAs based out of Hyderabad who do SME IPOs also cautioned me about the quality of companies coming out in SME IPO.
When you see folks like gensol, 8k miles, vakrangee it turns equity investing into minesweeper. No wonder Nalanda Capital folks spend money to get an assessment of founders.