DRHP, UDRHP, RHP and prospectus: the four offer documents of an IPO

• Draft red herring prospectus (DRHP): filed with SEBI (mainboard) or the exchange (SME) to start the process. It has the business, three years of audited financials, the objects of the issue, the selling shareholders and the risks, but no price.
• Updated draft (UDRHP): filed after SEBI's observations when a company has used the confidential pre-filing route, and put out for public comments.
• Red herring prospectus (RHP): filed with the Registrar of Companies before the issue opens, with the latest financials and the issue dates. The price band is announced separately, at least two working days before opening.
• Prospectus: filed after bidding closes, with the final issue price and the number of shares.

Time limits

A company must open its issue within twelve months of SEBI's observations on the draft; after that the draft lapses and a fresh one is needed.

newboard's studies are written from these documents, with the page for every figure, and moved from the draft to the red herring prospectus when it is filed.