India, Dec. 5 -- 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 ...