A DRHP is a preliminary registration document that contains detailed information about a company's business, financials, promoters, and risks involved. For Main Board IPOs, it's filed with SEBI, while for SME IPOs, it's filed with the respective stock exchanges.

The DRHP offers critical insights into the company's financial health, business model, and future plans, crucial for making informed investment decisions in pre-IPO shares. Plus, with the filing of DRHP is the indication that company will file for an IPO soon.

For Main Board IPOs, the DRHP is available on the SEBI website, and for SME IPOs, it can be accessed from the respective stock exchange’s website.

Focus on the company’s business model, financial performance, details about the promoters and management team, the objective of the IPO, and risk factors.

In the unlisted market, it is often advisable to consider buying unlisted shares before there is any public news of an IPO. This strategy is based on several market observations and dynamics:

1. Lower Demand Pre-IPO News: Typically, before any IPO news becomes public, the demand for unlisted shares is relatively lower. This can result in more favorable valuations for these shares, offering potentially better investment opportunities.

2. Price Surge Post-IPO Announcement: Once the news of an IPO filing hits various news channels, the price of the unlisted shares often surges. This increase is due to heightened investor interest and speculation about the company's future prospects post-IPO.

3. Comparison with IPO Issue Price: It has been observed that, in many cases, the price of unlisted shares in the market can exceed the IPO issue price by the time the IPO is announced. This can lead to a situation where buying post-DRHP filing becomes less attractive from a valuation standpoint.

4. Supply-Demand Dynamics: In the unlisted market, the supply of shares is generally limited. However, with the announcement of an IPO, demand increases sharply, making it a less opportune time to buy due to higher prices and increased competition among buyers.

5. Risk Consideration: Buying shares post-DRHP filing can carry higher risks due to increased volatility and speculative trading, as the market reacts to the news of the upcoming IPO.

Conclusion:

Given these factors, it is generally recommended to explore investment opportunities in unlisted shares before any news of an IPO filing becomes public. This approach can potentially lead to acquiring shares at more reasonable valuations and avoiding the speculative price hikes that often accompany IPO announcements.