The RHP (Red Herring Prospectus) is the final version of the IPO prospectus, filed with the Registrar of Companies after SEBI has cleared the DRHP. It incorporates SEBI's observations and adds the price band and the bidding dates. The name "red herring" comes from the bold disclaimer on the cover stating that the document is not yet a final prospectus on price.
Why it matters to you
For an unlisted-share holder, the RHP is the moment the IPO becomes real: you finally see the price band, which lets you compare the IPO valuation against the price you paid in the unlisted market. If the band is well above your entry price, you may have meaningful upside; if it is below, you need an exit plan.
Example: An investor who bought unlisted shares at ₹250 watched the RHP set a ₹400–₹420 band — confirming a paper gain before listing day.