Rohan Mittal, Group CFO, RateGain, spearheaded the IPO journey during his previous stint at Yatra Online. In an interview with FE CFO, he shares his perspective on what truly defines IPO readiness. He calls for moving beyond checklists and focus on the importance of predictable performance, governance maturity and scalable operations as foundational pillars. Mittal provides a practical guide for CFOs and finance professionals navigating the complexities of public markets and evolving expectations in IPO-bound organizations.
Excerpts of his interview:
Q: What are the earliest signs that a company is truly ready to begin the IPO journey?
Rohan Mittal: From my experience, IPO readiness is less about a point in time and more about a pattern. You start seeing signals when the business delivers predictable growth with improvement margins and when leadership has clear visibility for the next 2–3 years.
Equally important is whether the organization has moved from being a founder-led in terms of execution to being a process-led at scale.
If outcomes are consistent without constant intervention, that’s usually the first real indicator.
Q: Which internal benchmarks (financial, governance, operational) must be met before even considering filing?
Rohan Mittal: There are three non-negotiable benchmarks.
First, financial credibility: clean, restatement-free financials with strong audit discipline.
Second, governance maturity: independent board oversight, functioning committees and zero ambiguity in decision-making frameworks.
Third, operational scalability: systems and KPIs that can support growth without breaking.
IPO is effectively a stress test of all three simultaneously.
Q: What are the most common gaps in financial reporting that delay IPO filings?
Rohan Mittal: Most delays come from underestimating the depth of scrutiny, not the complexity of accounting itself.
Typical gaps include inconsistent revenue recognition practices, weak documentation and lack of rigour in monthly closing cycles. Companies also often get to know about issues around related-party disclosures and historical data consistency much later than they should.
Q: How can companies transition smoothly to public-company-level reporting standards?
Rohan Mittal: The mistake many companies make is treating this as a last-mile activity.
The transition needs to begin 12–18 months in advance with parallel reporting and mock audits. You also need to upgrade talent and systems simultaneously. Also, critical are a strong controllership function and an automated reporting. IPO readiness is essentially about eliminating variability in reporting.
Q: What are the biggest governance changes a private company underestimate before going public?
Rohan Mittal: The biggest shift is moving from speed of decision-making to defensibility of decision-making. Every action — whether strategic, financial or operational — needs to stand up to regulatory and investor's scrutiny. That level of transparency, especially around related-party transactions and internal controls, is often underestimated.
Q: What were the toughest compliance challenges during Yatra Online’s IPO process?
Rohan Mittal: One of the more demanding aspects was ensuring consistency across multiple reporting frameworks and time periods. The bar for disclosure is extremely high. You’re not just reporting numbers but defending them across multiple stakeholders including regulators, investors and auditors. Aligning internal data, legal positioning and financial reporting into one coherent narrative required significant coordination.
Q: How can CFOs proactively identify and mitigate risks that could derail IPO timelines?
Rohan Mittal: You have to run the process as if diligence has already started. A detailed IPO readiness assessment, combined with early-stage data room preparation, helps surface risks upfront. The other critical lever is cross-functional alignment. IPO delays rarely come from finance alone; they usually come from disconnects across teams.
Q: Which were the biggest surprises during Yatra Online's IPO journey?
Rohan Mittal: I can't recall any major surprise during the journey. I think the key hurdle to be managed, which we were aware right from the beginning, was achieving a target valuation in India while the business was already trading at a certain valuation in the US, given the company was already listed in US. This also made our story unique. Most companies with dual trading go for India listing followed by ADRs/listing in US. We took a reverse route.
Second was the quantum of careful navigation required to manage IFRS and Ind AS reporting. Although large elements are consistent, some specific matters get handled differently.
Last but not the least was managing the team. It was because the quarterly reporting treadmill was on in the US while we were preparing for IPO in India.
Q: Which aspects separate a smooth IPO from a stressful one?
Rohan Mittal: It's preparation versus reaction.
Smooth IPOs are built on early groundwork, that is, clean financials, aligned teams and no last-minute surprises. Stressful ones typically involve firefighting, where issues are known but tackled too late in the process.
Q: What advice would you give to first-time CFOs leading an IPO?
Rohan Mittal: Treat IPO as a business transformation milestone, not just a capital raise. Build internal capability early, stay close to the numbers and the narrative, and don’t outsource ownership to advisors.
Also, plan for what comes after because post-listing scrutiny is continuous.
Q: What kind of skills should finance professionals build today to stay relevant in IPO-bound companies?
Rohan Mittal: The role has evolved significantly. Beyond accounting, professionals need strong business understanding, data interpretation skills and the ability to communicate with investors. Exposure to automation, analytics and capital markets is becoming increasingly important. The differentiator is the ability to connect financials to strategy.
Q: How has your IPO experience influenced your approach at RateGain today?
Rohan Mittal: The IPO experience reinforces a mindset of discipline, predictability and scalability.
At RateGain, this translates into building systems and processes that are always investor-grade, not just compliant. It also shapes a strong focus on profitable growth and execution consistency, which are critical as we scale a global AI-first technology business.
