Founders with liquidity on the way, caught from early signals and growth surges where possible, and senior professionals worth ₹25 crore or more who moved or were promoted in the last 12 months or were likely paid out in an ESOP buyback.
| Signal | What it usually means | Typical lead time | Where it shows first |
|---|---|---|---|
| Converted to public company | Private limited becomes a limited company, a legal step before an IPO | 3–12 months before a DRHP | Company registry (MCA) filings |
| Board and KMP build-out | Independent directors, a CFO, company secretary or investor-relations head hired for listing | 3–9 months before a DRHP | Registry filings, job posts, trade press |
| Capital restructuring | Bonus issue, share split, bigger authorised capital, ESOP pool or ESOP buyback | 3–9 months | Registry filings |
| Insider share sales | A promoter or senior executive sold shares in a listed company (exchange disclosures, block deals, IPO offer-for-sale). Cash has already arrived | Days to weeks after the sale | Exchange insider-trading and takeover filings, deal press |
| Property deals of ₹20 cr+ | A large home or commercial purchase (spare cash or new borrowing) or a sale (cash in). Recorded with city or area only | Weeks after registration | Property-registration data quoted in business press |
| Unlisted-market activity | Shares newly quoted or rallying on unlisted platforms | 6–18 months | Unlisted-share platforms |
| Founder statement | An IPO or sale timeline mentioned in a niche interview | 6–18 months | Trade and sector media |
| Banker mandate | Investment banks picked for an IPO or a sale process | 3–9 months | Trade deal press |
| Confidential pre-filing | Draft filed privately with SEBI | 3–12 months before public papers | Company or exchange notices |
| Pre-IPO round | Late private round, often with some founder secondary | 3–12 months | Registry share allotments, deal press |
| PE holding period | A financial investor has held 5+ years and needs an exit | 1–3 years | Fund disclosures, deal databases |
| Regulatory approval | Competition Commission or RBI clears an acquisition or change of control | Weeks to months before payment | CCI orders, RBI notices |
| Lock-in expiry | Promoter shares become saleable after listing | Exact date known in advance | Offer documents |
| Open offer or control sale | Promoter sells control of a listed company | Weeks | SEBI takeover filings |
| SME to mainboard | Deeper market for promoter shares | Months | Exchange approvals |
| Revenue or EBITDA surge | Revenue or EBITDA at least doubled in the last financial year from ₹5 crore or more; growth like this tends to pull in investors, founder secondaries, PE interest or IPO preparation | 6–18 months | Company registry financials |
| ESOP buyback (employees) | The company buys back vested employee stock; long-tenured senior staff are usually the largest sellers | Cash within weeks of the announcement | Company announcements, startup press |
Lead times are typical ranges from Indian deal practice and vary by company.