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New: 10 more stocks, IPOs and Learn, explained

3 companies explained

IPOs explained

Companies planning to list on NSE or BSE, explained from their latest offer document: what the business does, how the offer works and where the money goes.

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

RHP filed

The company has filed its red herring prospectus (RHP), the near-final offer document.

  • Bombay Coated

    RHP filed

    Metals & Mining

    Bombay Coated and Special Steels cuts and shapes coated steel coils for appliance makers, with revenue of ₹1,266.8 crore in FY26.

    Based on the RHP dated 21 Oct 2026

Draft filed

The company has filed a draft offer document (DRHP) with SEBI. Dates and other terms are not set yet.

  • PhonePe

    Draft filed

    Financial Services

    PhonePe runs a UPI payments app with 29 crore monthly users (March 2025) and earned ₹7,115 crore of revenue in FY25, at a loss.

    Based on the UDRHP dated 21 Jan 2026

  • Zepto

    Draft filed

    Consumer Services

    Zepto delivers groceries from 1,139 neighbourhood warehouses and earned ₹22,624 crore of revenue in FY26, but lost ₹5,905 crore.

    Based on the UDRHP dated 8 Jun 2026

The process

How an IPO works in India

A main-board IPO on NSE or BSE moves through these steps under SEBI's rules. Each step names the SEBI page it comes from.

  1. Draft offer document (DRHP)

    The company files a draft red herring prospectus (DRHP) with SEBI and the stock exchanges.

    On the standard route, it stays public for comments for at least 21 days, including on SEBI's website. On the confidential pre-filing route, the first draft stays private and a later updated draft (UDRHP-I) is public for at least 21 days.

    Source: SEBI ICDR Regulations, 2018 (as amended up to 21 Mar 2026); SEBI: Filings, public issues

  2. SEBI's observations

    SEBI can issue observations: changes the company must make before it files the RHP.

    The issue must open within 12 months of SEBI's observations (18 months on the confidential pre-filing route).

    Source: SEBI ICDR Regulations, 2018 (as amended up to 21 Mar 2026)

  3. Red herring prospectus (RHP)

    The company files the RHP, the near-final document without the final price, with the Registrar of Companies.

    The issue can open at least three working days after that filing.

    Source: SEBI ICDR Regulations, 2018 (as amended up to 21 Mar 2026)

  4. Price band

    The price band is announced at least two working days before the issue opens.

    The top of the band can be at most 120% of the bottom, and at least 105% of it.

    Source: SEBI ICDR Regulations, 2018 (as amended up to 21 Mar 2026)

  5. Bidding

    The issue stays open for at least three and at most ten working days.

    During that time, investors place bids for shares within the price band.

    Source: SEBI ICDR Regulations, 2018 (as amended up to 21 Mar 2026)

  6. Allotment and listing

    After the issue closes, the final price is fixed and the prospectus carries only that price.

    For issues opening on or after 1 Dec 2023, shares must be listed within three working days of the closing day (T+3).

    Source: SEBI ICDR Regulations, 2018 (as amended up to 21 Mar 2026); SEBI Master Circular for ICDR (updated 9 Feb 2026), Chapter 11: T+3 listing; SEBI circular, 9 Aug 2023: T+3 start dates (now in the Master Circular)

DRHP vs RHP vs prospectus, and fresh issue vs offer for sale, explained