RHP vs DRHP: the two IPO offer documents
On RHP vs DRHP, both are IPO offer documents in India, but they sit at different stages and do different jobs. The DRHP is the draft a company files with SEBI for review, without the final price band or dates. The RHP is the near-final document filed with the Registrar of Companies just before the issue opens, carrying the price band, issue size, and bidding dates. In short, the DRHP is for the regulator and the RHP is for the investor. This guide compares RHP vs DRHP, and it is not investment advice.
Definition
RHP versus DRHP
are the two stages of an India IPO offer document. The DRHP is the draft filed with SEBI for review, without final pricing or dates. The RHP is the near-final version filed with the Registrar of Companies before the issue opens, with the price band, issue size, and bidding dates. One is for review; the other is for investors. Source: SEBI ICDR Regulations.
What does the DRHP do?
The DRHP, or draft red herring prospectus, is the first offer document a company files. It goes to SEBI for review and lays out the business, financials, risk factors, and objects of the issue, but it leaves out the final price band and the bidding dates. Its job is to open the regulatory review, not to take applications.
What does the RHP do?
The RHP, or red herring prospectus, comes after SEBI's observations are folded in. The company files it with the Registrar of Companies shortly before the issue opens, and it adds the price band, issue size, and the bidding open and close dates. Because it is filed with the Registrar and aimed at real investors, it is a binding offer document.
DRHP to SEBI, RHP to the Registrar
The core split: the draft goes to the regulator for review, the near-final version goes to the Registrar of Companies
Source: SEBI ICDR Regulations
How the two compare
The difference is stage, audience, and how much is filled in.
| What to check | DRHP | RHP |
|---|---|---|
| Stage | First draft, before review | Near-final, after SEBI observations |
| Filed with | SEBI | Registrar of Companies |
| Price band and dates | Not included | Included |
| Purpose | Open the regulatory review | Offer document for investors |
| Legal weight | Draft for review | Binding offer document |
For a book-built issue, even the RHP carries a price band rather than a single price, because the final price is discovered during bidding and appears in the prospectus filed afterward.
To read either document in practice, see how to read a DRHP, and for the large investors who commit ahead of a book-built issue, see what an anchor investor is.
Flock reads offer documents and regulatory filings, keeps each one dated, and links back to its source. What any of it means for you is your call to make.
Frequently asked questions
What is the difference between RHP and DRHP?
A DRHP is the draft offer document a company files with SEBI for review before an IPO, without the final price band or dates. An RHP is the near-final document filed with the Registrar of Companies before the issue opens, carrying the price band, issue size, and bidding dates. The DRHP is for review; the RHP is for investors. Source: SEBI ICDR Regulations.
Which comes first, the DRHP or the RHP?
The DRHP comes first. The company files it with SEBI, SEBI issues observations, the company incorporates the changes, and only then does it file the RHP with the Registrar of Companies shortly before the issue opens. Source: SEBI ICDR Regulations.
Does the RHP contain the final IPO price?
For a book-built issue, the RHP carries a price band, not a single final price, because the price is discovered during bidding. The final price appears in the prospectus filed after bidding closes. Source: SEBI ICDR Regulations.
Which document is legally binding?
The RHP is the binding offer document because it is filed with the Registrar of Companies and aimed at actual investors, so misstatements carry liability. The DRHP is a draft for regulatory review. Source: Companies Act, 2013.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.