The IPO process includes the following steps

  1. The company approaches and appoints investment banks to act as the lead managers and registrar to the IPO issue. They then register with the SEC
  2. The lead managers prepare a draft prospectus for the IPO and file the prospectus with the SEBI.
  3. The SEBI reviews and approves the prospectus. If any changes are required they revert back to the company for the changes to be made.
  4. The lead managers bring attention to the IPO.
  5. The company along with the lead managers price the IPO and release dates for the issue.
  6. The IPO is opened for public bidding.
  7. Registrar processes IPO applications allocated them to respective DEMAT accounts and processes refunds.
  8. Shares are listed on the stock exchange.