How to Track Upcoming IPOs: DRHP, RHP, Dates and Red Flags

To track upcoming IPOs reliably, follow the official trail: the draft offer document (DRHP) on SEBI's website tells you which companies are in the pipeline, the red herring prospectus (RHP) filed just before the issue gives the dates, and the price band advertisement, published at least two working days before opening, gives the price and lot size. Broker apps and IPO calendars are convenient, but they copy these documents, so check the original when a date or figure matters.

This guide maps each stage, where to look, a sample two-week calendar, and the red flags worth checking before you decide whether to apply. All timelines are as of October 2026.

The IPO pipeline, stage by stage

A few rules from recent offer documents are worth remembering:

• The cap price must be at least 105% and not more than 120% of the floor price.
• The price band can be revised during the bid period, by up to 20% either side, and the bid period is then extended by at least three working days.
• The RHP becomes the prospectus once the final price is fixed, after the bid period.

To read these documents well, use our guide on reading the IPO offer document. This article focuses on following the timeline.

Where to look, and what each source is good for

SEBI website

Under Filings > Public Issues, SEBI groups documents as "Draft Offer Documents filed with SEBI", "Red Herring Documents filed with ROC", "Final Offer Documents filed with ROC" and "Other Documents" (addenda, price band notices). The Processing Status page shows where a draft stands. This is the most complete pipeline view: in late October 2026, for example, the RHP list was showing new filings and price band addenda every few days.

NSE and BSE

Both exchanges list current and forthcoming issues with the RHP, price band, lot size, dates and a link to bid details. During the bid period they publish category-wise subscription figures, which our guide on IPO subscription status explains. Main-board and SME issues are listed separately; SME issues follow different rules, covered in SME IPO vs mainboard IPO.

Company, lead managers and registrar

The RHP is also posted on the company's and lead managers' websites. The registrar named on the cover page (KFin Technologies, MUFG Intime India, formerly Link Intime, Bigshare Services and others) is where you will check allotment later.

Broker apps and IPO calendars

These are good for alerts and one-tap applications. Cross-check dates and the price band with the exchange page, especially if a price band revision or holiday changes the timeline. Our live IPO dashboard collects open, upcoming and recently listed issues in one place.

Worked example: a two-week IPO calendar (illustrative)

Suppose an RHP is filed on Wednesday, 2 December, for an issue opening on Tuesday, 8 December, with a price band of ₹410 to ₹432 and a lot size of 34 shares. Assume no holidays fall in these weeks.

The money side: one lot blocks 34 × ₹432 = ₹14,688. The largest retail bid is 13 lots: 442 × ₹432 = ₹1,90,944, because 14 lots (₹2,05,632) would cross the ₹2 lakh retail limit. Valuation is easy to sanity-check from the RHP: if post-issue shares are 10 crore, the market value at the cap price is 10 crore × ₹432 = ₹4,320 crore. If earnings per share were ₹18, the price-to-earnings ratio at the cap would be ₹432 ÷ ₹18 = 24 times. Compare this with the listed peers that the RHP's "Basis for Offer Price" section names. If you change your mind after applying, see how to cancel or modify an IPO application.

Red flags to check before you apply

Tracking is only half the job. These checks take about 30 minutes with the RHP open:

1. Mostly offer for sale. If most of the money goes to selling shareholders, the company receives little. See OFS vs fresh issue.
2. Vague objects of the issue, such as large "general corporate purposes" with no detail.
3. Price far above peers on the same earnings measure, with no clear reason in the RHP.
4. Sudden profit jump in the last year before listing, or rising receivables and negative operating cash flow.
5. Heavy related-party transactions, promoter share pledges or serious litigation in the risk factors and legal sections.
6. Hype instead of documents: grey market premiums, Telegram or WhatsApp tips, and "sure listing gains". GMP is unofficial; see what is IPO GMP.
7. Anyone selling "allotment quota", "pre-IPO shares" or a fee to "guarantee" shares, or asking for payment to a personal bank account or UPI ID. These are scams; see how to spot investment scams.

Safety while tracking

• Use official apps and websites only. Do not download "IPO apps" shared through links in messages.
• Never share OTPs, UPI PINs or demat login details with anyone offering IPO help.
• Do not trust "customer care" numbers found on social media; use the contacts on the RHP's cover page.
• If you lose money to a fake IPO scheme, report it at cybercrime.gov.in or call 1930, and complain about registered intermediaries on SEBI SCORES (scores.sebi.gov.in).

This article is educational and does not recommend any IPO.

Key takeaways

• A DRHP on SEBI's site shows a company is in the pipeline; the RHP gives the dates; the price band comes at least two working days before opening.
• SEBI's "Filings > Public Issues" pages and the NSE/BSE IPO sections are the official sources; apps and calendars copy them.
• Bid periods last at least three working days, and a price band revision extends them by at least three more (10 working days at most).
• Do the lot and valuation maths from the RHP before you apply, and compare with listed peers.
• Treat GMP, tips and "guaranteed allotment" offers as noise or fraud, never as tracking tools.

Related guide: IPO Apps for GMP and Allotment Status: What They Can't Tell You.