A DRHP for an IPO is a legal document prepared by the issuer and the merchant banker to request an IPO. It is the most important document submitted by a merchant banker at the time of filing the IPO application. It contains information about the issuer's operations, management, financial statements, offering details, capital structure and other details. DRHP is a draft document
The RHP is prepared once the application is approved, which is after the DRHP is submitted. The Red Herring Prospectus includes updated financial information, changes to the offering structure, and updates to the DRHP.
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