An Initial Public Offer (IPO) is the process through which a private company offers its shares to the public for the first time and gets listed on a recognized stock exchange. It enables the company to raise capital from a wide range of investors for purposes such as business expansion, debt repayment, acquisition of assets, research and development, modernization, and improving its market reputation. The IPO process is governed by the regulations of the securities market regulator and stock exchanges to ensure transparency, investor protection, and fair disclosure. The process of raising capital through an IPO begins with the company's decision to go public. The Board of Directors approves the proposal, and the company appoints various intermediaries such as merchant bankers, legal advisors, auditors, registrars, bankers to the issue, underwriters, advertising agencies, and syndicate members. Among these, the merchant banker plays a central role in managing the entire issue. The next step is conducting due diligence. Merchant bankers and legal experts verify the company's financial statements, legal compliance, business operations, assets, liabilities, litigation, management credentials, and corporate governance practices. This comprehensive examination ensures that all material information disclosed to investors is accurate and complete. After due diligence, the company prepares the Draft Red Herring Prospectus (DRHP) or Draft Offer Document. This document contains detailed information about the company's history, objectives of the issue, financial statements, risk factors, management profile, industry overview, capital structure, promoter details, dividend policy, legal proceedings, and proposed utilization of funds. The draft document is submitted to the securities regulator for review and comments. The regulator examines the draft document to ensure compliance with applicable laws and disclosure requirements. The company incorporates the regulator's observations and files the final offer document. Simultaneously, applications are made to stock exchanges for listing approval. The company, along with merchant bankers, conducts roadshows and investor presentations to create awareness among institutional and retail investors. Marketing activities help generate interest and improve investor participation. The IPO then opens for subscription. Investors submit their applications through banks, brokers, or online platforms. Depending on the pricing method, investors either apply at a fixed price or bid within a specified price band. After the subscription period closes, the applications are scrutinized, and shares are allotted according to the applicable rules. In case of oversubscription, shares are allotted proportionately or through prescribed allotment procedures. Refunds are made to unsuccessful applicants, and shares are credited to successful investors' demat accounts. Finally, the company's shares are listed on the stock exchange, where trading begins. From this stage onward, the company becomes a publicly listed entity and must comply with continuous disclosure, corporate governance, and reporting