Precedent drift
A risk factor or objects clause lifted from a peer DRHP and never re-examined against the issuer's own facts and materiality thresholds.
DRHP intelligence for merchant bankers
First line of draft.Last line of review.
Prefyle drafts DRHP disclosure sections grounded in SEBI ICDR Regulations, 2018, and runs structured compliance checks before filing. Your team reviews faster, with every finding traceable to the regulation it comes from.
Currently in design partnership with a limited number of merchant banking teams.
373
IPOs in 2025
India was among the world's most active IPO markets by number of listings, raising ₹1.95 lakh crore.
220
Registered merchant bankers
SEBI-registered, but only around 60 are active in SME IPOs today — a concentrated market running lean compliance teams.
3–4
Weeks of hand-drafting per DRHP
The slowest and most analyst-intensive step in the mandate, and it recurs on every deal.
Sources: Business Standard, Pantomath Capital, Primary Pulse 2025
The gap
Filing volume has grown. Review capacity has not.
A DRHP is drafted under compressed timelines by teams juggling multiple mandates. Sections get adapted from precedent filings. Disclosures accurate at the drafting stage drift out of date by submission. The review that should catch this is manual, page by page, against a regulation that runs to hundreds of clauses and schedules.
The result shows up as pre-filing observations. Each observation adds weeks to the timeline, and each one was discoverable inside the document before SEBI found it.
Cross-reference breaks
A figure stated in the Objects of the Offer that no longer reconciles with the financial statements section after a late revision.
Schedule VI gaps
Disclosure items required by ICDR that are simply absent, because no checklist was run against the final draft under deadline pressure.
What Prefyle does
Draft with the regulation in the room. Review with it line by line.
Five capabilities, one standard: everything Prefyle produces is traceable to the provision or the document it came from.
01
Drafting
First drafts of DRHP disclosure sections, structured to ICDR requirements and grounded in the issuer's own documents. Your team starts from a compliant skeleton instead of a blank page or a borrowed precedent.
02
Review
The full draft checked against a structured library of ICDR requirements. Every flag cites the regulation, schedule, or clause it derives from, so your team verifies the finding instead of trusting a black box.
03
Financial report summarisation
Restated financials, the auditor's report and the related schedules read and turned into the disclosure the chapter requires — with figures carried through rather than re-keyed, so they still reconcile at submission.
04
Audit trail and version control
Full change history across the mandate: what version was checked, what was flagged, what was resolved and by whom. The record supports the BRLM's own diligence obligations rather than sitting outside them.
05
Native writing style
Prefyle learns your firm's house drafting voice from its previous filings, so what comes back reads like your team's work and needs editing for judgment, not for tone.
Prefyle does not replace your review. It makes sure your reviewers spend their hours on judgment calls, not on locating clause references.
How it works
From issuer documents to review-ready draft
Ingest
Upload issuer documents: financials, board resolutions, agreements, existing drafts. Prefyle builds a working record of the issuer's facts.
Draft
Select the chapter. Prefyle produces a structured first draft mapped to the applicable ICDR requirements, with the source for each statement identified.
Check
Run the compliance review on any draft, whether Prefyle wrote it or your team did. Findings are ranked and cited to the regulation.
Sign off
Your team resolves each finding inside the document. The audit trail of what was checked, flagged, and resolved stays with the mandate.
Mandate workspaceAwaiting documents
Scroll to run the mandate
Who it is for
Built for the teams that carry the filing risk
Merchant banking execution teams
Cut the drafting cycle on disclosure-heavy chapters and walk into internal review with the ICDR check already run.
Compliance and due diligence functions
Get a second, structured pass over every draft, with findings you can verify against the cited regulation rather than take on faith.
Company secretaries and issuer-side counsel
Understand what the BRLM's checklist will surface before the draft reaches them.
The next observation letter is already in your draft.
Prefyle is working with a limited number of merchant banking teams as design partners ahead of general availability. Design partners shape the requirement library, get direct access to the founding team, and lock in early pricing.
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