LearnDRHP vs RHP: what the two IPO documents mean
DRHP vs RHP: what the two IPO documents mean
Updated 4 Nov 2026 · IPO Radar · tables below update with the live sheet
DRHP (draft red herring prospectus) is the first offer document a company files with SEBI when it wants to go public. RHP (red herring prospectus) is the updated document filed after SEBI's observations, just before the IPO opens. The RHP has everything except the final issue price and number of shares; those go into the final prospectus after bidding.
What a DRHP is
The DRHP describes the business, the risks, three years of financials, the promoters, pending litigation, the objects of the issue (what the money is for) and whether the issue is a fresh issue, an offer for sale by existing holders, or both. It is public on SEBI's and the exchanges' websites so investors can comment.
SEBI reviews it and issues observations. A company then has 12 months from the observation to open its IPO, or the approval lapses and it has to file again.
What an RHP is
Once SEBI's observations are addressed, the company files the RHP with the Registrar of Companies. It is the document you are investing on: updated financials, the final structure of the offer, the reservation for each investor category, the lead managers and the registrar.
It is called “red herring” because it leaves out the final price and the number of shares. The price band is announced separately, at least two working days before the issue opens. After bidding closes and the price is fixed, the company files the final prospectus.
DRHP vs RHP at a glance
- Filed with: DRHP with SEBI (and the exchanges); RHP with the Registrar of Companies.
- When: DRHP months before the IPO; RHP days before it opens.
- Price: neither has the final price; the band is announced just before opening.
- Purpose: DRHP is for SEBI's review and public comment; RHP is the offer document for investors.
- SME issues file their draft offer document with the exchange's SME platform instead of SEBI.
What to read first in an RHP
- Objects of the issue — growth spending, debt repayment, or an exit for existing shareholders.
- Risk factors — the company's own list of what can go wrong.
- Basis for offer price — the P/E at the band and the listed peers it compares itself with.
- Restated financials — revenue, profit and cash flow for three years.
- Shareholding before and after the issue, and outstanding litigation.
Companies that have filed a DRHP with SEBI
The latest mainboard filings that have not opened their IPO yet, newest first. When one opens, its GMP page appears on IPO Radar automatically.
| Company | DRHP filed |
|---|---|
| Tenty Limited | 1 Oct |
| Tanvi Exports India Limited | 1 Oct |
| Soleos Energy Limited | 1 Oct |
| SHREEJIKRUPA PROJECT LIMITED | 1 Oct |
| Sanghvi Housing and Infrastructure Limited | 1 Oct |
| SAI INFINIUM LIMITED | 1 Oct |
| Rudra Green Ship Recycling Limited | 1 Oct |
| Royal Chain Limited | 1 Oct |
| Rathod Jewellery Manufacturing Limited | 1 Oct |
| PM CONA INDUSTRIES LIMITED | 1 Oct |
| PES Installations Limited | 1 Oct |
| Pentacle Consultants I Limited | 1 Oct |
60 mainboard companies with a DRHP on file and no IPO dates yet. Full list on upcoming IPOs.
Questions people ask
What is the full form of DRHP?
Draft Red Herring Prospectus — the draft offer document a company files with SEBI before an IPO.
What is the full form of RHP?
Red Herring Prospectus — the offer document filed with the Registrar of Companies before the IPO opens, without the final price.
Does filing a DRHP mean the IPO will happen?
No. SEBI may return it or ask for changes, and companies sometimes let the approval lapse. The IPO is certain only once the RHP and price band are out.
Where can I download an RHP?
On SEBI's website under public issues, on the NSE or BSE IPO pages for the issue, and on the lead managers' websites.