01
DRHP & Prospectus
Schedule VI architecture, risk factor scripting, MD&A drafting, capital history, litigation, IPO objects, taxation chapter.
An IPO is not an event. It is the start of a public-company life under SEBI LODR. AMLEGALS drafts the DRHP, manages the SEBI cycle, runs the underwriter diligence cascade, and stands behind the prospectus through to the first quarterly result.
Each workstream sits inside a statutory window. None of them is optional. All of them are owned by a partner.
Schedule VI architecture, risk factor scripting, MD&A drafting, capital history, litigation, IPO objects, taxation chapter.
Observations cycle managed end-to-end. Recasts within statutory timelines. SEBI library cross-walked to risk factors.
Counsel-to-BRLM coordination. Comfort letter cascade, 10b-5 negative assurance, bring-down letters.
Roadshow legal compliance, investor protection rules, anchor allocation, marketing material vetting.
RHP, ASBA, book build, anchor lock-in, Schedule XIII allotment math, listing-day documentation.
Reg 17 governance, Reg 30 material events, insider trading code, quarterly results, first investor relations cycle.
Each stage hands clean inputs to the next. The DRHP that survives SEBI is the one written for the next quarterly result, not just for the issue.
BRLM and counsel appointment. Process letter. Kickoff cadence.
First-draft DRHP under Schedule VI. Risk-factor scripting. MD&A.
DRHP filed. Observations managed within statutory timelines.
Anchor outreach. Pricing band recommendation. Marketing-rule compliance.
RHP. Book build. Schedule XIII allotment. Refund / unblock.
Listing day. Stabilisation. LODR live. First quarterly result.
The DRHP is read three ways simultaneously: by the analyst building a model, by the regulator searching for an observation, and by the litigator preparing a future class-action complaint. The best prospectuses anticipate all three readings. Ours do.
Interactive · Path to IPO
Click any stage to read what happens, what we run, and what the issuer has to deliver.
Counsel and bankers appointed. Process letter, NDA grid, kickoff. Indicative size, structure and route to listing agreed in principle.
Short, direct, on the record.
End-to-end. DRHP drafting and verification, BRLM coordination, underwriter due diligence, SEBI ICDR compliance, observations management, RHP and prospectus, anchor and marketing compliance, listing-day procedure, and the first quarter of SEBI LODR. We are the issuer counsel of record from kickoff through the first quarterly result.
For a SEBI ICDR-eligible issuer with a clean pre-IPO programme, the realistic kickoff-to-listing window is 30–36 weeks. For issuers that begin without a pre-IPO programme, the timeline doubles, and the SEBI observation cycle becomes the dominant risk.
Profitability route (Reg 6(1)) — net tangible assets, average operating profit, net worth and name-change continuity tests, all measured over the preceding three financial years. Alternative route (Reg 6(2)) — QIB-led issue with allotment to QIBs of not less than 75%. The route chosen drives the architecture of the DRHP and the marketing strategy.
Underwriter diligence is run by counsel for the BRLMs. We coordinate — issuer counsel and BRLM counsel — so that diligence findings cross-walk into the DRHP risk factors, the bring-down letters, the comfort letters from the auditors, and the 10b-5 negative-assurance opinion on the offering memorandum.
From the moment of listing, the issuer is bound by SEBI LODR — corporate governance (Reg 17 onwards), material event disclosure (Reg 30), insider trading code, prevention of insider trading, related-party policy, and quarterly results within statutory windows. We hand over a compliance calendar and a disclosure SOP on listing day; the first quarterly result is a closely supervised exercise.
The 18–36 month programme that decides whether the DRHP files in 30 weeks or 90.
Run the BRLM’s diligence on yourself first. The DRHP that signs itself.
SHA rights converted to post-IPO arrangements. Ratchet, drag and lock-in alignment.
Bring us in at mandate. Not at observation.