Draft Offer Document

A Draft Offer Document (DOD) is the preliminary filing submitted by a company to SEBI before launching a public securities offering — equivalent to the Draft Red Herring Prospectus (DRHP) for equity IPOs. The DOD contains all material information about the company's business, financial statements, management background, risk factors, use of proceeds, promoter history, corporate governance structure, and litigation details — but does not include the final issue price, size, or opening date, which are determined after SEBI's review. SEBI reviews the DOD within 30 days of receipt and may issue observations requiring additional disclosures, clarifications, or corrections before the offering can proceed. The DOD is mandatory for public issues of equity shares, convertible securities, and debt instruments above specified thresholds. For debt securities offered publicly, the DOD is prepared under SEBI's ILDS (Issue and Listing of Debt Securities) Regulations. Once SEBI provides its observations and the company finalises all terms, the DOD is converted into the final Offer Document (Prospectus or Red Herring Prospectus) for investor disclosure. For Indian investors researching upcoming IPOs, studying the DOD — available publicly on SEBI's website within two days of filing — provides comprehensive business and risk information well before the IPO opens, enabling thorough pre-investment due diligence without any time pressure from the subscription window.