DRHP Filed Companies 2026: Full List & What It Means for Unlisted Share Investors
Meta Title: DRHP Filed Companies 2026: Full List & What Investors Need to Know | Arms Securities
Meta Description: DRHP filed companies are planning to go public soon. Here's the complete list of companies that filed DRHP with SEBI in 2026, with analysis for unlisted share investors in India.
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Key Takeaways
- DRHP (Draft Red Herring Prospectus) is a document filed with SEBI by companies planning an IPO — a strong signal that a listing is upcoming.
- DRHP filing does not guarantee an IPO; SEBI must approve it and the company must proceed.
- For unlisted share investors, a DRHP filing is often the strongest trigger to buy pre-IPO shares.
- NSDL has already filed its DRHP; other large companies are expected to file through 2026.
- Arms Securities tracks DRHP filings and maintains live unlisted share prices for all filing companies.
A DRHP (Draft Red Herring Prospectus) is a document that a company files with SEBI (Securities and Exchange Board of India) when it formally initiates the process of going public through an IPO. When a company files a DRHP, it is publicly committing to the IPO process — making it one of the most important signals for unlisted share investors.
If you already hold shares of a DRHP-filing company, your exit timeline is becoming clearer. If you are considering buying unlisted shares, a DRHP-filing company is typically a higher-confidence pre-IPO opportunity than one without any stated listing plans.
Check Arms Securities' current share prices for DRHP-filed companies →
What Is a DRHP and Why Does It Matter?
The IPO Process in India
When a company in India wants to list on NSE or BSE, it must follow a defined regulatory process:
Step 1 — Board Decision: The company's board approves the IPO plan.
Step 2 — Appoint Lead Managers: Investment banks are hired to manage the offering.
Step 3 — DRHP Filing: The company files the Draft Red Herring Prospectus (DRHP) with SEBI. This document contains detailed information about the company's business, financials, risk factors, and the proposed use of IPO proceeds. It is made publicly available for investor review.
Step 4 — SEBI Observations: SEBI reviews the DRHP and issues observations (not "approval" per se, but a clearance to proceed). This typically takes 30–75 days.
Step 5 — Red Herring Prospectus (RHP) / Pricing: The company sets the final IPO price band and files the RHP.
Step 6 — IPO Subscription: The IPO opens for public subscription.
Step 7 — Listing: Shares list on the exchange.
Why DRHP Filing Matters for Unlisted Share Investors
When a company files a DRHP:
- The IPO timeline becomes concrete — usually 3–12 months from DRHP to listing
- Detailed financial information becomes public — enabling better valuation analysis
- OTC demand typically increases — causing unlisted share prices to rise
- Exit clarity improves — if you hold unlisted shares, you can now project your holding period more accurately
The pre-DRHP phase is often the best time to buy — before the filing, prices may still be moderate. Once a DRHP is filed, OTC prices typically run up 10–30%.
How to Read a DRHP: Key Sections for Investors
You can access DRHPs filed with SEBI at sebi.gov.in. Key sections to review:
| Section | What to Look For |
|---|---|
| Business Overview | Revenue model, competitive position, key risks |
| Financial Statements | Revenue growth (3-year CAGR), PAT trend, margins |
| Objects of the Issue | Why is the company raising money? Growth CAPEX vs promoter sell-off? |
| Promoter Background | Track record, governance flags, any regulatory actions |
| Risk Factors | Regulatory risks, customer concentration, competitive threats |
| Utilisation of Proceeds | Fresh issue vs OFS — fresh issue funds growth; OFS benefits only existing shareholders |
| Valuation Comparison | Compare with listed peers' P/E and P/B |
Notable DRHP-Filed & IPO-Bound Companies in 2026
The following companies have either filed DRHPs or are widely expected to file in 2026, and their unlisted shares are available at Arms Securities:
1. NSDL (National Securities Depository Limited)
Status: DRHP filed
Business: India's first and largest securities depository — essential infrastructure of India's financial system
Why it matters: NSDL's DRHP filing confirms the IPO is on track. With 47+ crore investor accounts in the system (including CDSL's), any growth in India's equity investor base directly benefits NSDL.
Current buy price: ~₹880/share
View NSDL unlisted share page →
2. Jio Platforms Limited
Status: DRHP filed (as of 2026)
Business: Reliance's digital services and telecom arm — India's largest by subscribers
Why it matters: India's largest digital connectivity and content company heading to market. Jio Platforms operates Jio Telecom (450+ million subscribers), JioFiber, JioCinema, JioMart, and JioFinancial Services-adjacent products.
What to watch: Complex corporate structure — ensure you understand what exactly is being listed vs what is retained within Reliance
3. NSE (National Stock Exchange of India)
Status: No formal DRHP yet, but SEBI settlement completed — IPO preparation underway
Business: India's largest exchange by trading volume
Why it matters: The SEBI co-location case settlement removes the key regulatory barrier. DRHP expected in 2026–27.
Current buy price: ~₹2,000/share
View NSE unlisted share page →
4. Tata Capital Limited
Status: IPO conversations ongoing; DRHP expected 2026–27
Business: Tata Group's diversified financial services company
Why it matters: Any Tata Group IPO commands premium market attention and typically lists at significant valuations
Current buy price: ~₹820/share
View Tata Capital unlisted share page →
5. Hero Fincorp Limited
Status: IPO in discussion; DRHP expected 2026
Business: Hero Group NBFC with focus on two-wheeler and retail lending
Why it matters: Strong captive customer base through Hero MotoCorp; NBFC listing premiums are high in India
What to Do When a Company You Own Files a DRHP
If you already hold shares of a company that files a DRHP, here is what you should do:
Step 1 — Download and Read the DRHP
SEBI publishes all DRHPs publicly. Read especially the financials section and risk factors.
Step 2 — Evaluate the IPO Price Band Expectation
Based on the disclosed financials, estimate the likely IPO valuation using industry P/E multiples. Compare with your current cost price to estimate potential return.
Step 3 — Decide: Hold or Sell Pre-IPO
- Hold if you believe the listing price will be significantly above current OTC price and you have no liquidity need
- Sell pre-IPO in the OTC market (through Arms Securities) if you want to exit before the 6-month lock-in kicks in after listing
Step 4 — Watch the SEBI Observation Timeline
After DRHP filing, SEBI typically issues observations within 30–75 days. Watch for announcements from the company or its lead managers.
Step 5 — Apply in the IPO (if eligible)
Even if you hold pre-IPO shares, you can apply for additional allotment in the IPO through normal retail/HNI channels.
Should You Buy Unlisted Shares of DRHP-Filed Companies?
Advantages:
- Higher certainty of IPO — clear exit timeline
- Full financial information available for analysis
- Strong OTC market demand (easier to resell if needed)
Disadvantages:
- Prices have often already run up post-DRHP filing
- Lock-in period applies (6 months post-listing)
- SEBI may still reject or request changes to the DRHP
Arms Securities' recommendation: The best time to buy was before the DRHP, but DRHP-phase purchases still make sense for strong businesses where the IPO price is expected to be well above the current OTC price. For NSDL specifically, the IPO is now highly likely and the business quality justifies current pricing.
Sell Your Unlisted Shares Before Their IPO
If you currently hold unlisted shares of a DRHP-filing company and wish to exit before the IPO (to avoid the 6-month lock-in), Arms Securities can help you find buyers in the OTC market.
Our OTC network spans individual investors, HNIs, family offices, and institutional buyers. We typically provide same-day to 48-hour settlement.
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Frequently Asked Questions (FAQs) — DRHP Filed Companies
Q1. What is the difference between a DRHP and an RHP?
DRHP (Draft Red Herring Prospectus) is the preliminary document filed with SEBI for review. It contains the issue details but not the final price band. RHP (Red Herring Prospectus) is the final version filed after SEBI's observations, with the actual IPO price band, dates, and allocation details. The RHP is what you read just before the IPO subscription opens.
Q2. How long does it take from DRHP filing to IPO listing?
Typically 3–9 months from DRHP filing to listing, depending on SEBI's review timeline and market conditions. Some processes take longer if SEBI requests additional information or if market conditions are unfavourable.
Q3. Does a DRHP filing guarantee the IPO will happen?
No. Companies sometimes withdraw DRHPs due to poor market conditions, regulatory issues, or strategic decisions. However, a DRHP filing does significantly increase the probability of a listing compared to companies with no filing.
Q4. Can I buy shares of a DRHP-filing company even after it files?
Yes. OTC trading in the company's shares continues right up until the IPO. However, be aware that prices typically rise post-DRHP filing as market attention increases. Contact Arms Securities for current prices and availability.
Q5. Where can I find the list of all DRHP-filed companies in India?
SEBI's official website (sebi.gov.in) maintains a searchable database of all DRHPs filed and their status. Arms Securities also tracks IPO-bound companies and maintains updated prices for their unlisted shares at www.armssecurities.com/share.
Conclusion
DRHP filings are the clearest signal in India's unlisted share market that an exit event is approaching. Monitoring these filings and acting before or immediately after them is a core strategy for pre-IPO investors.
Arms Securities tracks all major DRHP filings and maintains live prices for their unlisted shares. Whether you want to buy before listing or sell your existing holdings, we are your go-to partner.
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