Initial Public Offerings Laws and Regulations 2023 | India          Chapter content - Free access1Introduction2The IPO process: Steps, timing and parties and market practice3Regulatory architecture: Overview of the regulators, key regulations and disclosures4Public company responsibilities5Potential risks, liabilities and pitfalls1IntroductionBack to topThe history of initial public offerings (IPOs) traces back to the first IPO by the Dutch East India Company in 1602.  However, the Indian capital market remained largely under-developed until the early 20th century, when several Indian companies began to issue shares to the public.In 1977, Reliance Industries Limited achieved a historic milestone by issuing shares to the public for the first time.  The shares were priced at par value, and the issue size amounted to Rs. 2.82 crore.  As India began to liberalise its economy and welcome foreign investment in the 1990s, this created new opportunities for companies in India.  This decade saw the emergence of several successful IPOs, including the listing of Infosys in 1993, which was the first Indian company to list on a US stock exchange.  The early 2000s saw a boom in IPO activity in India, with many companies going public.  Since then, the Indian IPO market has continued to evolve, with a focus on improving transparency and investor protection