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An Initial Public Offer (IPO) is the process through which a private company offers its shares to the public for the first time and gets listed on a recognized stock exchange. It enables the company to raise long-term capital for expansion, modernization, debt repayment, acquisitions, and other corporate purposes. From the perspective of Security Analysis and Portfolio Management, an IPO provides investors with an opportunity to invest in a company at the time of its market entry while enabling efficient capital formation. The IPO process begins with the company's decision to go public and the appointment of merchant bankers or investment bankers as lead managers. The company conducts due diligence, evaluates its financial position, and ensures compliance with regulatory requirements. Professional intermediaries such as legal advisors, auditors, registrars, and underwriters are also appointed. A Draft Red Herring Prospectus (DRHP) is prepared and submitted to the market regulator for approval. After regulatory observations are addressed, the company finalizes the offer document and opens the issue for subscription. Investors apply for shares during the issue period. After _________ ___ ______ ______ _________ ______ __________ _____ _________ ___ _____.
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