IPO Pipeline 2026

The Draft Red Herring Prospectus is the first offer document a company files with SEBI (and the stock exchanges) before an IPO. It has the business, financials, risks and how the IPO money will be used — but not the price band or dates.

SEBI's observation (approval) is valid for 12 months. Most companies open their IPO within a few weeks to a few months; if they do not launch within 12 months, they must file again.

The Red Herring Prospectus is filed with the Registrar of Companies just before the IPO opens. It means the IPO is about to be announced with its price band and dates.