Merchant bankers are already approaching me. Why would I need anyone else on my side?

A merchant banker is appointed by the company to manage the issue. Its role also includes due diligence on what the company says, and a certificate to SEBI or the exchange that it has been checked, so it must test the company's case as well as present it. That is the system working as designed.

The case it tests is yours to build: the data, the KPIs and the story, ready before the file is opened. A preparation firm on the company's side builds it with you, alongside your merchant banker and never in place of one.