DRHP Preparation & Filing Services in India

The DRHP is typically prepared by the issuer company in coordination with the lead manager or merchant banker, legal counsel, auditors, and internal leadership such as the CFO and company secretary. S45 supports this process through readiness assessment, structured drafting, document collection, disclosure coordination, and workflow management, while execution is carried out in partnership with the regulated lead manager where required.

SEBI does not technically “approve” a DRHP; it issues observations after reviewing the filing. Timelines vary based on document quality, completeness, regulatory complexity, and market conditions. In practice, the review period can extend over several weeks or longer. A cleaner draft, organized evidence, and faster response handling can materially reduce avoidable delays during the observation cycle.

The purpose of a DRHP, or Draft Red Herring Prospectus, is to disclose material information about the company, the offering, its risks, financials, governance, and use of proceeds before an IPO. It gives SEBI, stock exchanges, and investors a structured basis to review the issuer. It also helps identify disclosure gaps and compliance issues before the final offer document is issued.

A DRHP usually requires audited financial statements, corporate records, cap table details, material contracts, litigation summaries, governance documents, business and industry information, related-party disclosures, and risk documentation. Companies also need inputs from auditors, legal counsel, and management teams. A structured data room is important because missing evidence or inconsistent records often slows drafting and SEBI response cycles.

The timeline depends on how clean the company’s records, governance, and financial reporting already are. For issuers with a well-organized data room and limited remediation needs, S45 indicates a DRHP-ready workflow can begin within 30 days from clean inputs. If there are cap table issues, disclosure gaps, restatements, or governance fixes, preparation can take materially longer before filing is advisable.

Yes. S45 supports DRHP preparation and filing workflows for both Main Board and SME IPO pathways, including NSE, BSE, NSE Emerge, and BSE SME contexts. The work includes route selection, drafting, compliance coordination, and platform-specific requirements. SME engagements may also involve market maker coordination, lot size modeling, and liquidity-related planning alongside the filing process.

After filing, the document enters the regulatory review stage, where SEBI may issue observations or seek clarifications. The company and its advisors then respond, revise disclosures where needed, and prepare for the next stages of the issue. This often includes updated drafting, compliance tracking, infrastructure setup, and eventual transition toward the RHP and launch readiness.

Version control is critical because DRHP drafting involves multiple stakeholders updating legal, financial, and business disclosures at the same time. Without a disciplined workflow, teams can lose track of which draft contains the latest approved language or evidence. That creates avoidable risk during review and filing. Centralized drafting and tracked ownership help reduce confusion, rework, and response delays.