What Is RHP and DRHP? Offer Documents Explained for IPO Investors

DRHP first, RHP later

DRHP (Draft Red Herring Prospectus) is the company's draft filing with SEBI — hundreds of pages describing the business, financials, risks and offer terms. After SEBI's observations are resolved, the company files the RHP (Red Herring Prospectus) with the price band and final dates. Both are free public PDFs on SEBI's filing repository; every DostIpo IPO page links them under Official Documents.

The five sections that matter

• Restated financials — 3 years of revenue, PAT, EBITDA, borrowings; the only numbers that count.
• Risk factors — company-specific risks (client concentration, litigation, related-party deals), not the generic disclaimers.
• Objects of the issue — exactly where the money goes (debt repayment? expansion? promoter exit via OFS?). Amounts may be stated in millions — always check the table header before converting to crores.
• Basis of issue price — P/E vs listed peers; the valuation anchor.
• Capital structure & dilution — promoter holding before vs after; how much skin remains in the game.

How to skim a 500-page RHP in 20 minutes

Read in this order: objects of the issue → restated P&L trend (PAT growing?) → risk factors (first 10) → peer P/E table → promoter holding dilution. Skip the boilerplate (SEBI disclaimers, generic market risks, industry filler) on first pass. DostIpo's RHP summaries follow exactly this order.

How DostIpo reads RHPs

An automated agent parses each RHP into structured sections (objects, peers, risks, strengths, litigation, related-party deals), values are normalised to crores with source pages recorded, and every figure carries a timestamp. Machine extraction is then consistency-checked by the auto-verification bot — see the methodology page for the full pipeline.