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A DRHP is the draft offer document filed with SEBI; an RHP is a later document for a book-built IPO, filed with the Registrar of Companies (RoC) before the offer opens. The RHP incorporates updates made since the draft, but it may still show a price band rather than the final issue price. To see what actually changed, compare the DRHP and RHP for the same IPO: revisions are specific to each issue, not automatic across every section.
Where the DRHP and RHP sit in the IPO timeline
The Draft Red Herring Prospectus (DRHP) is an early offer document filed with SEBI through the lead merchant banker. SEBI may issue observations or specify changes. The issuer and lead merchant banker must address those observations before registering the applicable later offer document. SEBI distinguishes draft offer documents filed with it from red-herring documents filed with the RoC in its public-issues filing index.
For a book-built issue, the later Red Herring Prospectus (RHP) is filed with the RoC before the offer opens. It reflects updates since the draft stage and is closer to the live offer, though it is not necessarily the document that gives the final issue price. SEBI’s ICDR regulatory material describes the sequence and the requirement for an updated offer document highlighting changes before registration of the RHP. Check the latest rules and the specific offer filings for a live IPO; older text may not reflect current procedural details.
What can change between the two documents?
There is no universal set of revisions. Compare the paired filings and note only changes that appear in them. Useful areas to check include:
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- Offer structure: total offer size, fresh issue proceeds, and any offer for sale (shares sold by existing shareholders).
- People and ownership: promoter and shareholder details.
- Risk and financial disclosures: risk factors, financial statements, and any restatements.
- Use of funds and obligations: objects of the offer, outstanding litigation, indebtedness, material contracts, and related-party transactions.
- Offer mechanics: reservation and allocation structure, price band, lot size, and timetable.
- Regulatory and issuer updates: SEBI observations and changes made by the issuer in response or for other updates.
Some details may remain the same, and some may be revised; the documents for one IPO do not establish what another issuer will change.
Why the RHP may not contain the final price
In a book-built IPO, the RHP can state a floor price or price band, with the issue price determined later before the prospectus is registered. That is why the RHP is nearer to the opening of the offer but is not necessarily the final-price document. Check the live offer materials for that IPO to confirm the applicable price and terms.
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Document labels also differ by issue type: the regulatory material distinguishes an RHP for a book-built issue from a prospectus for a fixed-price issue. Do not assume that every issue follows the same filing labels or price-setting sequence.
Examples of the filing stages
PhonePe Limited’s Updated DRHP-I, dated January 21, 2026, identifies itself as a draft and says: “This Updated Draft Red Herring Prospectus – I will be updated upon filing of the RHP with the RoC”. The statement describes that issuer’s document stage; it does not predict which sections will change in another IPO.
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SEBI’s filing index records Steamhouse India Limited’s RHP on September 4, 2026, under red-herring documents filed with the RoC. Together, these examples illustrate the distinction between a draft filing and a later RHP filing, rather than a standard list of revisions every company must make.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare filings for one IPO
- Find the issuer’s DRHP and later RHP in its offer-document filings. Confirm both documents refer to the same issuer and issue.
- Compare the sections on offer size, fresh issue and offer for sale, ownership, risks, financials, use of proceeds, litigation and debt, contracts, and related-party transactions.
- Check the offer terms separately: reservation and allocation, price band, lot size, and timetable. Distinguish a stated band from a final issue price.
- Read the updated offer document’s change highlights and check the issuer’s disclosures for updates. Record a change only where it is visible in the documents.
Procedural deadlines can depend on current regulations and amendments. The older regulatory text should not be used on its own to infer a present-day filing deadline; consult the latest SEBI ICDR rules and the specific offer documents.
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