A DRHP is a draft red herring prospectus. In the SEBI (ICDR) Regulations it is the draft offer document for a book-built issue. The company files it with SEBI through the lead managers before the IPO, and files it with the stock exchanges where the shares are proposed to be listed. SEBI’s own filings page is where the drafts are listed for the public.
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Open calculatorThe draft does not contain the price. That is a rule, not a habit. The public can still read the risk factors, the objects of the issue, the split between a fresh issue and an offer for sale, the promoter holding, and the restated financials. Those sections are the reason to open the file before you bid.
SEBI may specify changes within 30 days from the later of receiving the draft, a satisfactory reply, a clarification from another regulator, or in-principle approval from the exchanges. The draft is kept open for comments for at least 21 days from the announcement of the filing. The company makes that announcement within 2 working days, in English, Hindi and a regional language paper. The draft sits on the websites of the company, SEBI, the exchanges and the lead managers, with the draft abridged prospectus.
The figures in the draft, including the restated financials, must not be more than 6 months old on the day the issue opens. If a draft you downloaded is older than the one on SEBI’s list, use the list. Companies file revised drafts. The first PDF in a search result can be the old one.
What to read first
Start with who receives the money. A fresh issue pays the company. An offer for sale pays the selling shareholders. Then read the objects. General corporate purposes cannot exceed 25% of the amount being raised. Together with acquisitions whose target is not identified, the cap is 35%. Then read the risk factors against the financials, not as a separate essay.
The draft is not the form you bid on. When the issue is about to open, the document you use is the red herring prospectus, filed with the Registrar of Companies. The IPO guide is the application. The offer-document guide is the reading order. A grey market premium is an unofficial price. It is not printed in the draft, and this site does not publish one.
Mistakes
- Treating the draft as if it already had a price band.
- Adding the fresh issue and the offer for sale and calling the total “money for the company”.
- Skipping the risk factors because a comments page looks quiet.
- Quoting an old file after the company has filed a revision.
The regulations cited here are amended up to 21 March 2026. The primary-market FAQ is the May 2025 note. Both were checked on 2 November 2026.
Questions
Does a DRHP contain the IPO price?
No. Schedule XIII says the draft red herring prospectus shall not contain the price. It can state the issue size as an amount or as a number of securities. The floor or the price band comes later, in the red herring prospectus, and the single final price is only in the prospectus.
How long can the public comment on a DRHP?
At least 21 days from the public announcement, not merely from the day of filing. The company announces the filing within 2 working days, in an English paper, a Hindi paper and a regional paper. Comments go to SEBI, the company, or the lead managers.
Where do I read a DRHP?
SEBI’s public-issue filings page lists draft offer documents. BSE lists draft offer documents as well. The company and the lead managers also host the draft on their own websites for the comment period. The [offer-document guide](/guides/how-to-read-drhp-rhp) walks through what to read.
Sources
Figures checked 2 Nov 2026.