An Initial Public Offer (IPO) is an offer of shares by an unlisted issuer in the primary market to the public for subscription and includes an offer for sale of specified shares to the public by any existing holders of such unlisted shares. When an unlisted company makes either a fresh issue or an offer for sale or both; for the first time to the public; it is termed as an IPO. This paves the way for listing and trading of the issuer’s shares on Bombay Stock Exchange Limited (BSE) or National Stock Exchange of India Limited (NSE) or both.