DRHP LensIndia and the US reach the same end, a priced public offering, by different routes. The documents differ in who reviews them, what must be disclosed and how the price is set. Knowing the differences tells you which checks transfer and which do not.
| India: DRHP and RHP | United States: S-1 and 424B | |
|---|---|---|
| Regulator | SEBI, under the ICDR Regulations | SEC, under the Securities Act of 1933 |
| First filing | DRHP, public, open for comment (confidential pre-filing is also available) | Often a confidential DRS, then a public S-1 at least 15 days before the roadshow |
| Price | Price band announced before the issue opens; final price after book building | Price range in an S-1/A; final price set by the company and underwriters after the roadshow |
| Money to the company vs sellers | Fresh issue vs offer for sale (OFS) | Shares offered by the company vs by selling stockholders |
| Retail access | Reserved retail and non-institutional portions, applied through ASBA and UPI | No statutory retail portion; allocation by underwriters, sometimes a directed share program |
| Peer valuation | "Basis for Offer Price" lists listed peers and their ratios | No peer table in the filing |
| What insiders paid | Weighted average cost of acquisition (WACA) disclosed | Visible through the dilution section and stock issuances in Part II |
| Accounting | Restated Ind AS financials, usually three years plus a stub period | US GAAP (or IFRS for foreign issuers), two or three years; non-GAAP measures with reconciliations |
| Voting | Superior voting rights allowed only in narrow cases | Dual-class shares are common, often with founder control |
| Lock-up | Minimum promoter contribution locked for 18 months (three years where proceeds fund capital expenditure); other pre-IPO holders 6 months | Usually 180 days by contract with the underwriters |
| Listing | T+3 after the issue closes on NSE and BSE | Trading the day after pricing on NYSE or Nasdaq |
Checks that transfer
- Who gets the money: fresh issue and OFS in India, company and selling stockholders in the US.
- Whether profit turns into operating cash flow.
- Related-party transactions and customer concentration.
- What the price implies against listed peers with similar growth.
Checks that change
- In the US, read adjusted EBITDA and stock-based compensation closely; Indian filings rarely lead with non-GAAP measures.
- Voting control matters more in the US because of dual-class structures.
- Grey market premium is an Indian phenomenon with no US equivalent.
- Peer multiples must come from market data in the US; the filing does not provide them.
DRHP Lens runs the same report order on both: offer, business, control, financials, valuation, risks, scorecard and view. Read how to read a DRHP and how to read an S-1.
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 prospectusFrequently asked questions
What is the US equivalent of a DRHP?
The S-1 registration statement (F-1 for foreign private issuers). Like a DRHP it is reviewed by the regulator before the offer; unlike a DRHP, the first draft is often submitted confidentially.
What is the US equivalent of an offer for sale?
Shares sold by selling stockholders. The company receives no proceeds from them.
Do US IPOs have a price band like Indian IPOs?
They have a price range in an amended S-1, but the final price can be set above or below it after the roadshow.
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.