The Lead Manager’s role can be understood in three stages:
Before the IPO Opens (Preparation Stage)
- Due diligence : Checks company’s business, finances, risks, legal matters, and disclosures.
- Prepare the IPO prospectus (DRHP & RHP): Ensures all material information is correctly disclosed for investors.
- Decide issue structure: Issue size (Fresh issue & OFS), Price band (with the company)
- Regulatory approvals: Files documents with SEBI and stock exchanges.
- Marketing: Conducts roadshows for institutional and anchor investors.
During the IPO (Execution Stage)
- Book building & price discovery: Collects bids from QIBs, NIIs, and Retail investors.
- Anchor investor allocation: Brings in large institutional investors before IPO opening.
- Monitor subscription data: Tracks category-wise demand in real time.
- Investor communication: Publishes advertisements, updates, and clarifications.
- Compliance: Confirms IPO rules are followed during bidding.
After the IPO (Post-Issue Stage)
- Finalisation of allotment: Ensures fair and SEBI-compliant share allotment.
- Refunds & unblocking of funds: Coordinates with banks and registrars.
- Listing of shares: Ensures smooth listing on BSE/NSE.
- Post-listing obligations: Supports company in meeting disclosure requirements.
