Mastering the Art of a Successful IPO in a Turbulent Market Moderated by Punita Sabharwal, Managing Editor of Entrepreneur Media India, the conversation featured Arun Chittilappilly, Executive Chairman and Managing Director of Wonderla Holidays Ltd., and Harsh Binani, Co-Founder and Executive Director of Smartworks.

At Entrepreneur Media India's panel discussion, "From Private to Public: Mastering the Art of a Successful IPO in a Turbulent Market," two leaders who have navigated the high-stakes world of public listings shared candid insights on timing, storytelling, governance, and life after going public.

Moderated by Punita Sabharwal, Managing Editor of Entrepreneur Media India, the conversation featured Arun Chittilappilly, Executive Chairman and Managing Director of Wonderla Holidays Ltd., and Harsh Binani, Co-Founder and Executive Director of Smartworks.

Arun Chittilappilly recalled how Wonderla Holidays went public in March 2014, raising ₹180 crore through its IPO at a price band of INR 115–125 per share.

The company's listing came at a politically charged time, just before India's general elections, when investor sentiment was muted and no IPOs had been cleared for more than a year. Despite the odds, Wonderla debuted successfully on the bourses, using the capital to expand its amusement parks business and strengthen its position in a nascent but capital-intensive industry.

"We've been a public company now for exactly 10 years. The reason we went public was that we wanted to build more amusement parks, and obviously, we needed more capital. At that time, it was a very uncertain period… our valuations took a little bit of a hit, but in hindsight, it was a boon for us," said Chittilappilly.

For Chittilappilly, the lesson was clear: timing the market is less important than having a solid business case.

"It's hard to time an IPO because the markets are very unpredictable. Once the company is relatively ready and everything is in order, then the decision should depend more on your business, how quickly you need capital and what you're going to use the money for. If the product is strong and the growth potential is real, the IPO is in order," said Chittilappilly

Smartworks, one of India's largest managed office space providers, had a very different but equally telling experience. The company went public in 2025 with an INR 582.56 crore IPO, priced at INR 387–INR 407 per share, in what was one of the largest listings in India's flexible workspace sector.

The capital raised was earmarked for scaling its managed campus model, where Fortune 500 enterprises could set up new workspaces in less than 60 days. The blockbuster debut underscored investor confidence in both the office space recovery post-COVID and the rise of flexible work as a mainstream category.

For Harsh Binani, however, the focus was not on market timing but on readiness.

"When you're going public, it's like skydiving. You can't go back to the plane. The only parachute is to be completely ready. Public markets can sound enticing, but they're also very unforgiving. You cannot time the market; you can only time your readiness. And that readiness comes from building a strong IPO data room, ensuring governance is airtight, and crafting a narrative that is so simple you can repeat it in an Uber ride," said Binani.

He emphasized the importance of clarity and proof. "Any IPO story is built on three pillars. The first is a differentiated and simple narrative. For us, it was about pioneering the managed campus model, where Fortune 500 companies could set up a workspace in less than 60 days. The second is proof in numbers. Narratives fall short if the metrics don't match. And the third is compliance and governance, it's your parachute. You don't know when you'll need it, but if you don't have it, the market will punish you severely."

Both panelists reflected on life after IPO, with Binani describing it as "liberating" and Chittilappilly acknowledging that while quarterly reporting brings pressure, it also sharpens discipline.

"Once you get used to being a listed company, it is liberating in its own way," Chittilappilly said. "But your value proposition, growth plans, and compliance have to be on point. Governance has to run clean, because one misstep can undo years of trust."

The conversation concluded with advice for entrepreneurs weighing a public listing. "Enjoy your time as a private company for as long as you can," said Chittilappilly. "Build your story, your growth plans, and your team before you go public." Binani agreed, adding, "Only do the IPO if you really need to. There are beautiful businesses that remain private. There should be no FOMO about listing. If your fundamentals are strong and you stay humble in the process, the market will reward you."