A Red Herring Prospectus (RHP) is an incomplete prospectus issued by a company prior to the final prospectus, under Section 32 of the Companies Act, 2013, read with SEBI (ICDR) Regulations. It contains most of the required disclosures about the company — business, financials, risk factors, and management — but deliberately omits certain final details such as the final issue price and the number of securities to be issued (as these are determined through the book-building process). The RHP must be filed with SEBI and the RoC at least 3 days before the subscription opens; all variations from the RHP must be highlighted in the final prospectus.