- The short — what’s new and why it matters
 - Approval clock: DRHP → listing
 - Disclosure upgrades: unit economics & governance
 - FPI hygiene: BO clarity & flow stability
 - Playbooks: issuer, banker, investor
 - FAQ
 
The short
- Speed: Shorter, more predictable review cycles—if filings are data-tight on day one.
 - Substance: Cohort LTV/CAC, take-rate bridges, and contribution margins expected up front.
 - Clean money: Beneficial ownership clarity and fund-segmentation reduce headline risk pre/post listing.
 - Anchor focus: Lock-in tenors and anchor mix matter more than GMP chatter for early stability.
 
Approval clock: DRHP → listing
| Stage | Old reality | New expectation | What to prep | 
|---|---|---|---|
| DRHP filing | Multiple clarifications | 1–2 bundled rounds | Metric glossary; audited-note alignment | 
| Regulatory queries | Fragmented | Time-bound, consolidated | Data room: cohort/LTV/CAC by vintage | 
| Observations | Uncertain cadence | Predictable window | Pre-brief anchors on metrics | 
| Listing | Calendar slips | Tighter gates | Backup vendor/PR/roadshow slots | 
Disclosure upgrades
Unit economics
- Cohort retention, orders/user, CM2 by city/vintage
 - Gross vs net take-rates, incentives and their taper
 - Payback months and cash conversion (OCF/EBITDA)
 
Governance
- Related-party terms and pricing hygiene
 - Contingent liabilities, guarantees, pledges
 - ESOP overhang, vesting schedules, dilution path
 
FPI hygiene — practical changes
- Beneficial ownership look-through; map ultimate controllers.
 - Segregate pooled vehicles; avoid inadvertent “concert” labelling.
 - Higher-quality anchor books reduce day-2 volatility; float matters.
 
Playbooks
Issuers
- Freeze a one-pager metrics glossary; reconcile to audit notes.
 - Publish cohort dashboards (CM2/retention/CAC) in the DRHP.
 - Run mock diligence: data pulls, Q&A banks, disclosure boundaries.
 
Bankers
- Pre-flight governance: RPTs, pledges, vendor dependence.
 - Anchor mapping by mandate (growth vs yield) and lock-ins.
 - Valuation bridge: private last round → listed peer medians.
 
Investors
- Focus on cash conversion and cohort durability over GMV optics.
 - Size allocations by free float and anchor quality.
 - Track quarterly updates on CM2, churn, and receivables.
 
FAQ
- Does speed weaken scrutiny? No—friction is trimmed, substance remains.
 - What if metrics are early-stage? Show trajectory, sensitivities, and explicit assumptions.