Define the IPO process.

An IPO is a public offering of shares of a private company to the general public for the first time. The IPO process begins with the appointment of the lead manager by the issuing company and ends with the listing of the IPO shares on the stock exchanges. The key steps of the IPO process are as follows:

1. Due Diligence Process by Merchant Banker
2. Drafting the DRHP (Prospectus)
3. Submission of IPO application
4. Approval by SEBI and Exchanges
5. Price Determination
6. RHP submission
7. IPO Open and Close
8. IPO Allotment
9. IPO Listing