A practitioner's reference checklist for Indian IPOs — covering eligibility, financials, promoter compliance, due diligence, governance, DRHP disclosures, pricing, listing and post-listing LODR obligations. Aligned to SEBI ICDR Regulations 2018 as amended through July 2025 and the March 2026 amendments.
Three amendment cycles since early 2025 have reshaped the compliance landscape — particularly for SME issuers. These are the changes that most directly affect a current filing.
Minimum EBITDA of ₹1 crore in 2 of last 3 FY, OFS capped at 20% of issue size, selling shareholders capped at 50% of holding, 21-day public DRHP comment period, and a bar on using IPO proceeds to repay promoter / related-party loans.
Draft abridged prospectuses now require QR codes linking to the full DRHP hosted on issuer and SEBI sites — applies to both Mainboard and SME issues.
Validity of SEBI observation letters expiring between April 1 and September 30, 2026 has been extended to September 30, 2026, subject to lead manager confirmation of ongoing ICDR compliance.
The numbers and norms that define the line between a Mainboard and an SME issue. Use this as a quick reference before diving into the full checklist below.
Toggle between Mainboard, SME, or view both side-by-side. Items marked both apply to either route; items marked otherwise apply only to the specified platform.
The baseline conditions a company must satisfy before it can credibly file a DRHP — incorporation, capital structure and operational track record.
Restated financials, audit standards, and the working capital and earnings disclosures that underpin the entire offer document.
Promoter contribution, lock-in periods, OFS caps and the shareholding-pattern disclosures required at filing.
Corporate records, material contracts, litigation analysis, and the secretarial trail that needs to be audit-clean before filing.
Board composition, committee constitution, and the governance frameworks that need to be in place before — not after — listing.
The Draft Red Herring Prospectus structure, mandatory disclosures and the regulatory observations cycle that follows filing.
Pricing mechanism, anchor investor framework, allotment categories and the minimum subscription thresholds for a successful issue.
In-principle approval, listing agreement, and the immediate compliance obligations that activate on listing day.
The ongoing obligations that begin the moment shares list — quarterly reporting, governance discipline, and material disclosures.
This checklist is provided as a practitioner's reference and reflects SEBI ICDR Regulations 2018 as amended through the July 2025 and March 2026 amendments, alongside applicable LODR, PIT and Companies Act provisions. Regulatory positions evolve through SEBI circulars and exchange operational guidelines — Bharat IPO recommends verifying every applicable provision against the latest SEBI publications before acting on it. This page is not legal advice and does not establish an advisor-client relationship.
The checklist is built for printing — page breaks, navigation strip and ribbon are hidden in print view. Or skip to the IPO Readiness Assessment, where we apply the same checklist line-by-line to your business.
A checklist is only the starting framework. Most founders use it to scope an internal review with their CFO and company secretary, then bring the findings to a working session with us.
Book a confidential consultation. We'll review the most critical items on this checklist in the context of your business and provide an honest assessment of your current level of readiness.