Investing Red Herring Prospectus RHP IPO SEBI ICDR Offer document Book building DRHP

Red Herring Prospectus (RHP) in India

From WebNotes, a public knowledge base. Last updated . Reading time ~20 min.

A Red Herring Prospectus (RHP) is the legally binding offer document that an issuer files with the Securities and Exchange Board of India (SEBI), the stock exchanges, and the Registrar of Companies before opening an Initial Public Offering (IPO) to public subscription. It derives its name from the mandatory disclaimer, printed in red ink on the front page of early-twentieth-century American prospectuses, warning readers that the document was not yet final. In India the term has been formalised under the SEBI (ICDR) Regulations, 2018 , which defines the RHP as a prospectus filed under section 32 of the Companies Act, 2013, that does not contain the final offer price or final number of shares offered but contains all other material disclosures. The final price, and in some structures the exact number of equity shares, are inserted in a supplementary document called the Prospectus or Pricing Supplement filed after the book building process concludes and before allotment.

The RHP is the single most important document an investor has access to when evaluating an IPO. It discloses the company’s financial statements, objects of the issue (the proposed use of proceeds), risk factors, the profiles of the promoters and directors, related-party transactions, legal proceedings, and details of the subscription process including the price band , lot size , and reservation of shares across investor categories. Every investor who reads the RHP carefully is reading the same disclosures that the book running lead manager (BRLM) and the institutional investors use to price the issue.

History and origin of the term

The phrase “red herring” originates from the practice, common in the United States Securities Act of 1933 era, of printing a legend in red ink on a preliminary prospectus to signal that it was a preliminary document subject to completion before the effective date of the registration statement. The Securities and Exchange Commission of the United States formalised the term in 17 CFR Part 230. The British variant, known as a pathfinder prospectus, served a similar function. In India the concept was introduced by the erstwhile SEBI (Disclosure and Investor Protection) Guidelines, 2000, which were subsequently superseded by the SEBI (ICDR) Regulations, 2009 and then the current 2018 regulations.

Before the ICDR framework, Indian public offers were governed by SEBI’s DIP Guidelines and required a single prospectus filed at a fixed price; the shift to book building required a bifurcated document approach: a preliminary disclosure (the Draft Red Herring Prospectus, then the RHP) followed by the final pricing supplement. The two-stage approach entered mainstream practice during the IT boom of the late 1990s and became the norm for large issues when SEBI formalised book building regulations in the early 2000s.

Regulatory framework

Companies Act, 2013

Section 32 of the Companies Act, 2013, authorises a company to file a red herring prospectus for a book-built offering in lieu of a full prospectus. The section requires that the RHP be filed with the Registrar of Companies (RoC) at least three days before the opening of the subscription period. Sections 26 to 38 of the Act collectively govern prospectus requirements, including the duty of care of directors who sign the prospectus, the civil and criminal liability for misstatements, and the right of a subscriber to rescind an allotment based on material misrepresentation.

SEBI (ICDR) Regulations, 2018

Part IV of the SEBI (ICDR) Regulations governs disclosures in offer documents. Regulation 25 sets out the contents of the Draft Red Herring Prospectus (DRHP ) and provides that the RHP shall contain the same contents with the price and quantity fields completed after book building. Schedule VI of the ICDR specifies the detailed checklist of disclosures: corporate structure, financial statements (audited for three preceding financial years and stubs for any interim period ending within six months of the issue date), risk factors, use of proceeds, summary of objects, promoter background, board composition, statutory approvals, litigation status, and key performance indicators (KPIs) that the BRLM and issuer elect to present as material.

SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2022/0002 dated 4 January 2022 introduced a requirement for issuers to disclose key performance indicators in the RHP alongside comparable industry benchmarks, making the KPI section of modern RHPs substantially more detailed than those filed before 2022.

SEBI (LODR) Regulations and continuous disclosure

Once the RHP is filed, the company becomes a reporting entity for many purposes even before listing. Any material development during the subscription window must be disclosed by an addendum to the RHP, filed with the exchanges and SEBI. The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) do not apply until listing, but the Companies Act duty of fair disclosure and the SEBI general anti-fraud regulations (PIT and PFUTP) apply throughout the subscription window.

The DRHP-to-RHP conversion process

The lifecycle of an Indian IPO offer document runs through three stages: DRHP filing, SEBI observations, and RHP filing.

Stage 1: DRHP filing

The company, advised by the BRLM, prepares the Draft Red Herring Prospectus and files it simultaneously with SEBI, the relevant stock exchange(s), and publishes it on the SEBI website. The DRHP is the public comment-open version; SEBI invites objections from the public for thirty days. The price band and allotment quantities are left blank at this stage.

Stage 2: SEBI observations

SEBI reviews the DRHP and issues an observation letter (commonly, if inaccurately, called a no-objection letter) within thirty working days under the standard track, or within fifteen working days under the fast-track ICDR route. The observation letter lists SEBI’s comments, additional disclosures required, and any modifications to the proposed offer structure. SEBI’s observations are not a certification of the accuracy of the information in the document; SEBI explicitly states in the observation letter that it does not certify the DRHP or the business prospects of the issuer.

Stage 3: RHP filing

The issuer incorporates the SEBI observations, updates the financial statements to include the most recent audited or reviewed period, inserts the price band and subscription dates, and files the completed RHP with the RoC (at least three days before opening) and with the exchanges. The RHP is then published on the SEBI website, the exchange websites, and the BRLM’s designated website. From the day of RHP filing, the subscription window can open and retail investors can bid.

Stage 4: Prospectus (final pricing supplement)

After the book-building process closes and the issue price is determined, the issuer files a one-page Prospectus (or Pricing Supplement) with the RoC, inserting the final issue price and the exact allocation of shares among categories. The Prospectus supersedes the RHP as the final binding offer document. Most retail investors refer to this document only after the fact.

Structure and contents of an RHP

A standard Indian RHP runs between 300 and 700 pages. It follows a broadly standardised structure across issues, though the BRLM and legal counsel have some latitude in ordering and framing the sections.

Cover page

The cover page states the issuer’s name, the nature of the issue (fresh issue, offer for sale, or combination), the price band, the subscription dates, and the mandatory regulatory disclaimers including the red-text caveat that the price and quantity fields are incomplete pending finalisation. The names and SEBI registration numbers of the BRLMs, co-managers, and the registrar to the issue are listed.

Risk factors

The risk factors section is typically the longest narrative section of an RHP. SEBI requires risks to be disclosed in order of materiality. Risks are conventionally divided into internal risks (specific to the issuer’s business, operations, finances, management, and regulation) and external risks (macroeconomic, regulatory, competitive, and force-majeure risks affecting the industry or the broader economy). The risk factors section is not a standard marketing document; issuers and BRLMs have strong incentives to disclose all plausible risks in this section to limit post-listing liability, which means the section can contain risks that are highly unlikely in practice. Readers should treat the risk-factors section as a catalogue of acknowledged exposures, not as an actuary’s probability-weighted assessment.

Summary of the offering

A condensed overview of the offer: total issue size, the split between fresh issue (capital raised for the company) and offer for sale (secondary proceeds that go to selling shareholders), price band, lot size, minimum application amount, the category-wise allocation percentages, and the anticipated timeline from issue close to listing. This section is typically ten to twenty pages.

Objects of the issue

A mandatory SEBI disclosure specifying how the fresh-issue proceeds will be used. ICDR regulations require the objects to be stated with sufficient particularity that a shareholder can evaluate whether the funds have been deployed as disclosed. Common objects include capital expenditure, repayment of debt, acquisitions, working capital, and general corporate purposes. The last category (“general corporate purposes”) is subject to a SEBI cap of 25% of fresh-issue proceeds. An OFS (offer for sale) component generates no proceeds for the company; those proceeds go directly to the selling shareholders.

Company overview and industry context

A narrative description of the issuer’s business, competitive positioning, products or services, customers, suppliers, and market. The industry section typically draws on a commissioned industry report from a research firm, which is cited and appended to the RHP. SEBI’s KPI circular of 2022 requires that any KPI cited be disclosed alongside comparables for a minimum of three preceding periods and, where available, industry benchmarks.

Financial statements

Three years of audited financial statements (balance sheet, profit and loss, cash flow statement, notes) and a stub-period reviewed statement if the most recent full-year audit is more than six months old at the time of filing. The statements follow Indian GAAP (Ind AS for companies above the threshold under the Companies (Indian Accounting Standards) Rules, 2015). SEBI may require restated financials if there has been a change in accounting standards or a business reorganisation. A Restated Summary Statement prepared according to the ICDR is often a separate section, distinct from the statutory annual-report financials.

Promoters and management

Profiles of each promoter, each selling shareholder in an OFS, and each member of the board and senior management. For each director, the RHP discloses age, educational background, years in the company, DIN (Director Identification Number), previous directorships, and any pending litigation in a personal capacity. SEBI’s regulations impose mandatory cooling-off periods for certain promoters and require disclosure of any SEBI or stock-exchange enforcement action against promoters or key management personnel.

All transactions between the issuer and its promoters, directors, subsidiaries, associates, or group companies within the preceding three financial years. RPT disclosure is a frequently scrutinised section in the financial press; large or unusual RPTs are often cited by IPO analysts as a red flag, though materiality and business rationale are context-dependent.

All ongoing litigation involving the issuer (as plaintiff or defendant), its subsidiaries, its promoters, and its directors, above a materiality threshold set by the issuer in consultation with the BRLM and disclosed in the RHP. Criminal proceedings against promoters require unconditional disclosure regardless of threshold.

Subscription and allotment details

A section specifying the complete mechanics of the subscription process: the ASBA and UPI ASBA application routes, the cut-off price option for retail investors, the bid revision and withdrawal rights, the lot size and minimum investment, the investor-category allocation, and the allotment process. This section duplicates key terms from the basis of allotment methodology and from the ASBA and UPI ASBA circulars.

Statutory and other information

Copies or summaries of key statutory approvals obtained by the company, the memorandum of association, articles of association excerpts, board and shareholder resolutions authorising the issue, material contracts, declarations required by the Companies Act, and the list of material licences and permits. The statutory section is largely boilerplate in structure but can contain important disclosures for regulated industries such as banking, insurance, and pharmaceuticals.

How investors use the RHP

Despite the length and technical density of an RHP, a retail investor can extract actionable information from a relatively small subset of sections.

Identifying the objects of the issue

Whether proceeds go to the company (fresh issue) or to existing shareholders (offer for sale) is one of the first things a seasoned IPO investor checks. An entirely OFS issue means the company itself receives no funds; every rupee raised goes to the selling shareholders, raising questions about why they are selling.

Reading the risk factors in context

Rather than reading every risk factor, experienced investors look for risks that are unusual for the industry or unusually prominent in the ordering. A risk factor stating that the company depends on three customers for 70% of revenue is more material than the boilerplate macroeconomic risks that appear in virtually every RHP.

Assessing the financial restated statements

The three-year restated financials and the interim stub allow a reader to assess revenue growth trajectory, EBITDA and PAT margins, debt levels, working-capital cycle, and cash conversion. The IPO pricing is often benchmarked by analysts against the P/E or EV/EBITDA implied by the RHP’s restated financials.

The grey-market premium as a complement

Many retail investors check the grey-market premium (the unofficial premium at which the IPO’s shares trade outside exchanges before listing) as a crowd-sourced read on sentiment. The grey market is informal and unregulated; it is not disclosed in the RHP and is entirely outside the SEBI framework. However, grey-market levels before well-publicised issues tend to attract retail subscription that then becomes self-reinforcing.

Checking the registrar and using the allotment-status tool

The RHP lists the name of the registrar (either KFin Technologies or Link Intime for the majority of mainboard issues), which determines which online portal to use to check allotment status after issue close. KFin’s portal is ipostatus.kfintech.com; Link Intime’s is linkintime.co.in.

Companion documents and filing ecosystem

The RHP exists within a broader ecosystem of filings and supplementary documents.

DRHP

Filed with SEBI before the RHP; the public-comment version without price and subscription dates. Interested readers can access DRHPs on the SEBI primary-issues portal. Institutional investors often study the DRHP well before the RHP to prepare for anchor allocation.

Prospectus (final document)

Filed with the RoC after book building; contains the final price and the final allotment at a category level.

Corrigenda and addenda

If any material information in the RHP changes during the subscription window, a significant regulatory development, a change in lead manager, or a court order, the issuer is required to file an addendum with the exchanges and bring it to the attention of all bidders, who then have the right to withdraw.

Pre-IPO placement memorandum

Some issuers conduct a private placement immediately before the IPO (a pre-IPO placement) to anchor institutional investors. This placement is typically documented in a separate private placement memorandum and disclosed in the RHP as a prior transaction.

Detailed walkthrough of a sample RHP (illustrative)

To make the structure concrete, this section illustrates how the contents of a typical RHP of a mid-sized Indian technology company would be organised and what an informed reader would look for in each section.

Cover page: the five-second read

An investor who has thirty seconds to spend on an RHP should read the cover page. Key data: the issuer name; whether the issue is a fresh issue, OFS, or combination; the price band (for example, ₹400-₹420); the lot size (for example, 35 shares, minimum application ₹14,700 at the cap); the subscription dates; the BRLM names; and the registrar. An OFS-only issue immediately raises the question of why current shareholders are selling, a question whose answer must be found in the promoter profiles and the objects section.

Risk factors: the adversarial read

The risk factors section is where the issuer and its counsel have set out everything they believe could go wrong, ordered by materiality. Reading the first twenty risk factors of a well-drafted RHP is one of the more efficient uses of an investor’s analysis time, because those risks represent the disclosure team’s own hierarchy of what is most likely to be material.

A company that lists “customer concentration” (for example, “our top five customers accounted for 65% of our revenue in FY2025”) as its first risk factor is effectively saying that it has not successfully diversified its revenue base. A company that lists “pending income tax demand of ₹180 crore” as its fourth risk factor is disclosing a contingent liability that could be material relative to its PAT.

Objects of the issue: the alignment check

The objects section should be read against the company’s stated strategy, its financials, and the split between fresh issue and OFS. If the company is raising ₹600 crore but ₹400 crore of that is an OFS by promoters, only ₹200 crore enters the company. If that ₹200 crore is earmarked for debt repayment of ₹150 crore and general corporate purposes of ₹50 crore, the company is primarily deleveraging its balance sheet with IPO funds, not funding business growth.

Key performance indicators: the industry context

Since the SEBI KPI circular of January 2022, mainboard RHPs must disclose KPIs for at least three preceding periods alongside industry benchmarks. For a food-delivery company, the KPIs might include Monthly Transacting Users, Order Frequency, Average Order Value, and Contribution Margin per Order. Reading these KPIs against the industry benchmarks and the KPIs of the company’s listed competitors provides a picture of whether the company is outperforming, in line with, or lagging its peer group.

The industry report: the commissioned context

Every mainboard RHP includes a section drawing on a commissioned industry report. The report typically projects the market size of the company’s sector over five to ten years, argues that the sector is underpenetrated relative to global comparators, and contextualises the company’s position within that sector. Investors should note the name of the research firm, the date of the report (if more than two years old, the market-size projections may be stale), and any specific caveats the research firm places on the data.

The legal proceedings section discloses all pending litigation above a materiality threshold set by the issuer in the RHP. The disclosure is structured by the type of litigation (criminal, civil, regulatory, and tax proceedings) and by the party against whom the proceedings are brought (the issuer, its subsidiaries, its promoters, and its directors). The key financial data point is the amount involved in each set of proceedings; this represents the maximum contingent financial exposure. An issuer with ₹500 crore of net worth and ₹800 crore of aggregate pending tax demands has a material contingent liability that may not be fully reflected in the balance sheet if these demands are classified as contingent.

The statutory disclosures section: the compliance audit

The statutory disclosures section contains copies or summaries of all material licences, approvals, and certifications that the company holds for its business. For a manufacturing company, this includes environmental clearances, factory licences, and pollution control board approvals. For a financial services company, this includes its RBI or SEBI licence, IRDA approvals, or NABARD certification. An investor in a regulated sector should verify that all material licences are listed as current and valid, and that there are no disclosed pending renewals or regulatory enquiries about specific licences.

Due diligence by institutional investors

The institutional investor community, particularly qualified institutional buyers who are deciding on anchor allocations or book-building bids, conducts a structured due diligence process around the RHP that goes beyond what is available to retail investors.

Analyst research notes

The BRLM’s research team typically publishes an initiation note or IPO note on the issuer at or after the filing of the RHP, available to the BRLM’s institutional clients. This note contains the analyst’s independent assessment of the company’s financial model, valuation, and competitive positioning. SEBI’s regulatory framework places certain restrictions on the circulation of such notes (they are not permitted to be distributed to the general public in a way that could constitute advertising for the issue), but institutional investors typically have access to these notes before the retail subscription window opens.

Management access

QIBs and large NIIs who participate in roadshows have direct access to the company’s management team, including the CEO, CFO, and in some cases the founder-promoter. This access allows institutional investors to ask questions beyond what is disclosed in the RHP, questions about the specific pipeline, competitive wins and losses, capital allocation priorities, and management’s own assessment of the company’s risks. Retail investors do not have this access, which is one of the structural information asymmetries of the IPO process.

Third-party channel checks

For companies with B2B or B2C channel businesses, institutional investors sometimes commission independent channel checks: conversations with the company’s customers, distributors, or competitors to verify the claims made in the RHP. A company that claims strong customer relationships and repeat business can be checked against conversations with those customers. Again, this form of due diligence is not available to retail investors.

Common misconceptions

The RHP is not a recommendation. SEBI and the BRLMs are at pains to state that filing of an RHP and the issuance of a SEBI observation letter do not constitute an endorsement of the issuer’s business or the fairness of the price.

The BRLM’s job is to sell the issue. The BRLM has a statutory duty of care for disclosures but is commercially engaged by the issuer. Independent assessment from sources other than the RHP is advisable.

Risk factors do not rank risks accurately. While SEBI requires material risks to be disclosed first, in practice the ordering may reflect legal strategy as much as genuine probability weighting. A risk listed as factor number 47 may be more consequential than risk number 3 in some circumstances.

The KPI section uses non-GAAP metrics. KPIs cited in the RHP such as Gross Order Value, Adjusted EBITDA, or GMV are not defined under Ind AS and may be calculated differently by different issuers in the same sector. Always cross-check a KPI against the GAAP-compliant financial statements.

Notable RHP features in recent Indian issues

The Zomato RHP (2021) popularised the practice of an unusually long and readable risk-factors section, including a risk disclosing that the company had never been profitable and might not become profitable in the foreseeable future. The LIC IPO (2022) required one of the longest RHPs in Indian IPO history, running to over a thousand pages, to accommodate the complexity of disclosing the embedded-value methodology for an insurance company under pressure from both the SEBI and the Insurance Regulatory and Development Authority (IRDAI). The Hyundai India IPO (2024) RHP was notable as the largest Indian IPO by issue size at the time of filing, with an OFS-only structure that directed all proceeds to the Korean parent.

Liability for misstatements in the RHP

The legal consequences of material misstatements or omissions in an RHP are among the most severe in Indian securities law, creating strong incentives for accurate disclosure.

Companies Act civil liability

Section 35 of the Companies Act, 2013 provides that every person who has authorised the issue of a prospectus containing an untrue statement shall be liable to pay compensation to every person who subscribes for shares on the faith of the prospectus. The statutory defendants include the directors of the issuer at the time the prospectus is issued, the BRLM who signed the prospectus, any expert whose report is incorporated in the prospectus (such as the auditor), and any other promoter of the company. The standard of liability under section 35 is fault-based: a defendant who can show that they believed the statement to be true and had reasonable grounds for that belief, or that they withdrew consent in writing before the statement became part of the prospectus, may avoid liability.

Criminal liability under section 34

Section 34 of the Companies Act imposes criminal liability, imprisonment up to ten years and a fine, on any person who authorises the issue of a prospectus that includes a statement that is false in any material particular, knowing it to be false. The standard for criminal liability is higher than for civil liability (the prosecution must prove knowledge of falsity), but the consequences are correspondingly more severe.

SEBI enforcement

SEBI has the authority under the SEBI Act to take enforcement action against issuers, BRLMs, and other intermediaries for non-disclosure or misrepresentation in offer documents. SEBI’s enforcement tools include:

  • Warning letters: issued for minor procedural violations that have not caused investor harm.
  • Directions: prohibiting the issuer from accessing capital markets for a specified period (six months to five years, or indefinitely in severe cases).
  • Monetary penalties: under Section 15HB of the SEBI Act (introduced by the Finance Act, 2014), SEBI can impose penalties of up to ₹25 crore or three times the amount of profit made, whichever is higher, for fraudulent disclosure violations.
  • Prosecution references: SEBI may refer matters to the Special Courts constituted under section 26A of the SEBI Act for criminal prosecution.

Notable SEBI enforcement cases related to offer-document misrepresentation include the Satyam Computer Services case (2009, where SEBI imposed penalties on merchant bankers associated with the company’s capital market activities) and the Karvy Computershare case (2019, involving misrepresentation in securities operations). The threat of SEBI enforcement is one of the principal reasons that BRLMs expend significant resources on due diligence.

RHP versus Placement Memorandum (for QIPs and private placements)

The RHP is distinct from a placement memorandum, which is the disclosure document used in a Qualified Institutions Placement (QIP), a private placement of shares exclusively to QIBs under the fast-track route of SEBI ICDR Chapter VIII. A placement memorandum is not filed with SEBI for prior approval; it is issued directly to identified QIBs and becomes effective on board and committee approval by the exchanges. The QIP route allows a listed company to raise capital without the full DRHP-observation-RHP cycle, but the proceeds can only be raised from QIBs, not from retail investors or NIIs.

Understanding this distinction is important because some news reporting conflates IPO RHPs (public offer documents for new listings) with QIP placement memoranda (private placement documents for already-listed companies). The investor categories, regulatory review process, and legal framework are entirely different for the two instruments.

Amendments and addenda to the RHP during the subscription window

Once the RHP is filed and the subscription window is open, the issuer is required under SEBI regulations to file any material new information as an addendum to the RHP. Circumstances that require an addendum include:

  • A material development in the issuer’s business between the RHP filing date and the close of the subscription window (for example, a significant litigation development, a regulatory order, or a material contract win or loss).
  • A change in any of the BRLMs.
  • A revision to the price band under SEBI ICDR Regulation 49(2), which requires a mandatory extension of the subscription window.
  • A change in the objects of the issue.

The addendum is filed with the exchanges, published on the SEBI website, and must be communicated to all investors who have already placed bids before the addendum was filed. Those investors are entitled to revise or withdraw their bids in response to the addendum.

Two professional categories, besides the BRLM, play essential roles in preparing the RHP.

The issuer typically retains two sets of legal counsel: domestic Indian legal advisors for Companies Act compliance, SEBI filings, and RoC procedures; and, for international issues or issues with foreign institutional investors, international legal counsel for Rule 144A and Regulation S compliance. The legal counsel reviews all representations in the RHP for accuracy, advises on the adequacy of legal proceedings disclosure, and issues a legal due diligence report to the BRLM and the issuer’s board.

The BRLM similarly engages its own legal counsel, who issues an independent assessment that the BRLM’s due-diligence certificate can be signed without reservation. In cases where the legal due diligence identifies a material undisclosed risk, the BRLM may require the issuer to add disclosures, reduce the offer size, or in extreme cases may decline to proceed with the offering.

Auditors and the restated financials

The issuer’s statutory auditor performs two related functions in the RHP process. First, the auditor issues an audit report on the three-year statutory financial statements incorporated in the RHP. Second, the auditor typically prepares or reviews a Restated Summary Statement, a set of financials adjusted for any changes in accounting policies, prior-period corrections, or accounting standard changes to present a comparable three-year series. This Restated Summary Statement is distinct from the annual-report financials and is specifically required by SEBI ICDR Schedule VI. The BRLM and the issuer’s counsel review the Restated Summary Statement for any unusual adjustments and require the auditor to explain significant restatements.

References

  1. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Schedule VI, Offer Document Content Requirements.
  2. Companies Act, 2013, Sections 26, 32, and 35, Red Herring Prospectus, Liability for Misstatements.
  3. SEBI Circular SEBI/HO/CFD/DIL2/CIR/P/2022/0002 dated 4 January 2022, Disclosure of Key Performance Indicators in Offer Documents.
  4. SEBI Master Circular on Issue of Capital, 2023, compilation of all active ICDR circulars.
  5. Zomato Limited Red Herring Prospectus, filed July 2021, Kotak Mahindra Capital and others as BRLMs.
  6. Life Insurance Corporation of India Red Herring Prospectus, filed April 2022.
  7. Hyundai Motor India Limited Red Herring Prospectus, filed August 2024.
  8. Companies Act, 2013, Section 32, Red Herring Prospectus.
  9. SEBI (LODR) Regulations, 2015, Regulation 30, Continuous Disclosure.
  10. SEBI ICDR Regulations, 2018, Regulation 25, Contents of Offer Documents.

See also

Related articles

  • Reading a Red Herring Prospectus: a reference guide

    Reference guide for reading an Indian IPO Red Herring Prospectus: which sections matter most, how to find key financial data, risk factor …

  • Draft Red Herring Prospectus (DRHP) in India

    Encyclopedic reference on the Draft Red Herring Prospectus: the SEBI-observation precursor to the RHP, its mandatory contents, the 30-day …

  • Anchor investor in Indian IPOs

    Encyclopedic reference on anchor investors in Indian IPOs: the QIB sub-category that bids one day before retail, the ₹10 crore minimum, …

  • Book building in Indian IPOs

    Encyclopedic reference on book building: the price-discovery mechanism for Indian IPOs, SEBI's regulatory framework, the bid-collection …

  • Cut-off price in an Indian IPO

    Encyclopedic reference on the cut-off price option in Indian IPOs: what it means, who can use it, how the blocked amount is calculated, and …

  • IPO lot size in India

    Encyclopedic reference on IPO lot size: the SEBI-prescribed minimum unit of application, how lot sizes are set for mainboard and SME issues, …

Reviewed and published by

WebNotes Editorial Team

The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

Last reviewed
Conflicts of interest
WebNotes is independent. No relationship with any broker, registrar or bank named in this article.