DRHP LensDRHP Lens reads IPO offer documents from the world's main listing venues and turns them into one institutional-style report: the offer, the business, who controls the company, the financials and their quality, what the price implies, the risks and a rules-based view. Every figure carries the page it came from.
Analyse the filing in minutes
Upload an S-1, F-1 or 424B (PDF, or the HTML file saved from SEC EDGAR), or a UK, EU, Hong Kong, Singapore or Australian prospectus. DRHP Lens reads the offer terms, summary financials, voting control, dilution and red flags, and cites every figure to its page. The file is read in your browser.
Analyse a prospectusWhat the global report checks
| Area | What DRHP Lens reads | Why it matters |
|---|---|---|
| Offer terms | Price range, new shares versus shares sold by existing holders, over-allotment (greenshoe), shares outstanding after the offering, exchange and ticker, underwriters, lock-up | Shows how much money reaches the company and how much goes to insiders. |
| Valuation | Market value and enterprise value at the low, middle and high end of the range; price to sales, EV to sales, P/E, EV to adjusted EBITDA | Puts a price range into multiples you can compare with listed peers. |
| Earnings quality | Reported (GAAP or IFRS) profit against adjusted EBITDA, stock-based compensation as a share of revenue, cash from operations, free cash flow, Rule of 40 | Adjusted numbers are company-defined; the gap to audited results is where optimism hides. |
| Control | Dual-class or multi-class voting, voting power after the IPO, controlled-company status | With high-vote shares, a small equity stake can control every vote. |
| Red flags | Going-concern doubt, material weakness in internal control, history of losses, customer concentration, emerging growth company and foreign private issuer status | The disclosures that most often precede bad outcomes after listing. |
Same discipline, every market
A US S-1, a Hong Kong prospectus and an Indian DRHP are written under different rules, but an investor asks the same questions of each: who gets the money, is the profit real, who controls the company, and what does the price assume. The report follows that order in every market, so a reader who knows one can read them all. For how the documents differ, see DRHP vs S-1.
Example: Anthropic's S-1, read like a bookrunner
See the method applied to a live filing: Anthropic IPO S-1 analysis, with LTM and quarterly revenue, the bridge from a $104 bn net loss to adjusted profit, $895 bn of compute commitments, the five share classes and the questions a diligence team would ask.
Guides for global IPO documents
- How to read an S-1 filing
- F-1 and foreign private issuers
- DRHP vs S-1: India and the US compared
- How to read a Hong Kong IPO prospectus
- How to read a UK IPO prospectus
Global support is in beta. Indian DRHPs and RHPs get the full institutional engine, with peer valuation, the forensic battery and the IC note.
Frequently asked questions
Can DRHP Lens analyse a US IPO filing?
Yes. Upload an S-1, F-1 or 424B prospectus as a PDF or as the HTML file saved from SEC EDGAR. DRHP Lens reads the offer terms, summary financial data, voting control, dilution and the main red flags, and cites every figure to its page.
Which markets are supported?
United States (SEC), United Kingdom (FCA and London Stock Exchange), the European Union, Hong Kong (HKEX), Singapore (SGX) and Australia (ASX), in addition to the full engine for Indian DRHPs and RHPs. Global support is in beta.
Is my document uploaded?
The document is read in your browser and the report is built on your device.
Is this investment advice?
No. DRHP Lens summarises what an offer document says and points to the page. It does not recommend buying, selling or subscribing. Consult a licensed adviser in your country.
General education about how offer documents are structured in different markets. Rules change; read the current offer document and the regulator's rules it refers to. Not investment advice, and not a solicitation to buy any security in any jurisdiction.