A step-by-step master guide tracking the Indian IPO journey across its core phases: initial merchant banker appointment and regulatory filings, marketing and public bidding, share allotment, market listing, and ongoing post-issue compliance.

IPO PROCESS- CHECKLIST
 

Phase 1: Preparation & Filings

• 1. Appoint Merchant Banker: Hire SEBI-registered lead manager(s) to oversee due diligence, coordination, and advisory.
• 2. DRHP Approval: Submit the Draft Red Herring Prospectus (DRHP) to SEBI (for Mainboard) or the Stock Exchange (for SMEs) for review.
• 3. Exchange Application: Obtain in-principle approval from stock exchanges after submitting the IPO application.
• 4. Price Determination: Finalize the pricing model (Fixed Price or Book Building with up to a 20% price band).
• 5. RHP Submission: File the updated Red Herring Prospectus (RHP) with current financial data and timeline details.

Phase 2: Marketing & Bidding

• 6. IPO Roadshow: Conduct promotional campaigns and meetings with promoters, institutional investors, and media.
• 7. Anchor Investor Bidding: Open bidding for QIB anchor investors (min. Rs 10 crore investment) one day prior to public opening.
• 8. Public Bidding: Open the IPO for public bidding through banks/brokers for 3 to 10 days.

Phase 3: Allotment & Listing

• 9. Share Allotment: The registrar processes applications (rejecting third-party apps), executes the lottery/pro-rata allocation, debits funds, and credits shares to demat accounts.
• 10. Listing Date Announcement: Submit depository credit confirmation to receive the official exchange listing circular.
• 11. Shares Listing & Trading: Complete the Pre-Open Session (9:00 AM – 9:55 AM) to determine opening price, followed by normal trading commencement at 10:00 AM.

Phase 4: Post-Listing Compliance

• 12. Post-Listing Documentation: Submit ongoing compliance filings, annual reports, audit reports, and corporate governance records to the exchange.

Mainboard vs. SME IPO Quick Checklist

• Regulatory Review: Mainboard is reviewed by SEBI; SME is reviewed by the Stock Exchange.
• Market Maker: Not required for Mainboard; mandatory joint appointment for SME.
• Migration: Mainboard lists directly on NSE/BSE; SME must stay on the SME platform for at least 3 years before migrating.
• Compliance Level: Stricter, detailed quarterly norms for Mainboard; relaxed, half-yearly reporting for SMEs.

Timeline Checklist

• Overall Duration: 6 to 12 months for Mainboard; 3 to 4 months for SME (must complete within 12 months of SEBI comments).
• Stage-by-Stage Breakdown:
  • Planning: 2 weeks
  • Due Diligence: 4 to 5 weeks
  • DRHP Preparation: 1 week
  • SEBI Approval: 4 to 8 weeks
  • RHP Submission: 2 to 3 weeks
  • IPO Launch: Minimum 3 days
  • Allotment: Within 1 day of issue closure
  • Listing: Within 3 days of issue closure
  • Post-Issue Activities: 2 to 3 weeks