IPO Listing Process & Post-Issue Compliance

SEBI (ICDR) Regulations, 2018, Regulation 27(3) read with Regulation 46, require an issuer to obtain in-principle approval for listing from the concerned stock exchange(s) before the public issue can proceed to allotment and listing — this sits alongside SEBI's own review of the offer document. The listing process follows the Regulation 24 DRHP filing (21-day public comment period, followed by SEBI's observations) and is time-bound by Regulation 25, which fixes the prospectus (RHP)'s validity at 12 months from the date of SEBI's observations — the issue, allotment, and listing must all occur within this window. Post-issue compliance therefore tracks three linked deadlines: the Regulation 24 comment period preceding DRHP clearance, the Regulation 25 twelve-month RHP validity, and the Regulation 27(3)/46 exchange in-principle approval, with allotment and listing finalised only once exchange approval is confirmed.

IPO listing process and post-issue compliance is the machinery between the SEBI clearance and the company's life as a listed entity — the issue opening and the allotment, the basis of allotment, the listing on the stock exchanges, and then the continuous obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015: the periodic disclosures, the financial results, the corporate governance, the board and the committee composition, the related party transactions under Regulation 23, the corporate actions, and the disclosures of the material events under Regulation 30. The listing is the beginning of a permanent compliance regime.

The post-listing regime is where the company's public life is actually run. The quarterly results, the annual report, the governance certifications, the analyst communications, the material event disclosures — each has its deadline and its format under the LODR Regulations, and each is read by the exchanges, the SEBI and the market. The discipline of the listed company is the discipline of the continuous disclosure.

The cost of a broken post-listing regime is the regulatory price: the fines and the penalties for the non-compliance with the LODR, the warnings and the adverse remarks from the exchanges, and the governance failures that the market prices into the stock. The transition from the private to the listed company is where most of the companies stumble — the governance that was built for the IPO does not always survive into the operations.

This service is for newly listed companies and those preparing to list. We manage the listing process — the allotment, the basis, the listing formalities — and build the post-issue compliance machinery under the LODR Regulations 2015: the results and the disclosures, the governance and the committee processes, the material event reporting under Regulation 30, and the annual report, so the listed life runs without the surprises.