Upcoming IPOs - Draft Prospectus Filed SME FPOs in India

• Filed with SEBI/Exchange - DRHP is filed with exchange.
• Offer document returned – When the DRHP does not meet the instructions as laid down in Schedule VI of ICDR regulations viz inadequate disclosures, such documents are returned to issuer and asked to be resubmitted.
• Observation letter issued – When SEBI/Exchange want some clarification, they issue an observation letter.
• Addendum to DRHP - The issuer files addendum to DRHP to include the changes or update required information as suggested by SEBI/Exchange. In some cases addendum is also filed when the issuer company wants to update some information in addition to DRHP. It is important to note that addendum to DRHP is a supplement to DRHP and has to be read along with the DRHP.
• Offer document withdrawn – In some cases, the issuer company may scrap or postpone their IPO plans in which case they withdraw the DRHP filed with SEBI/Exchange.
• SEBI approval received – This indicate the DRHP that have been approved by SEBI. The issuer can now proceed to file RHP and launch an IPO soon.
• SEBI approval expired – The DRHP approval by SEBI is valid for 12 months from the date of SEBI’s observation letter. If the company does not resolve the observation and launch an IPO within that period, it has to undergo the DRHP filing process again