SME IPO eligibility: dematerialisation, firm financing and limits on offer composition govern listing readiness and use of proceeds. Regulation 230 requires SME IPO issuers to apply to and designate an SME exchange, enter into a depository agreement for dematerialisation, and ensure partly paid shares are fully paid or forfeited. Specified securities held by promoters, promoter group, selling shareholders, directors, key managerial personnel, senior management, qualified institutional buyers, employees, regulated entities and other prescribed categories must be dematerialised before filing the draft offer document. Issuers must have firm arrangements for seventy-five percent of the stated means of finance for the project from verifiable sources, disclose bank/financial institution sanction details when applicable, and comply with limits on offer for sale, repayment of certain loans, and caps on amounts for general corporate purposes and unidentified acquisitions.