Stage 1: Draft Offer document
"Draft Offer document" is prepared by Issuer Company and the Book Building Lead Manager of the public issue. This document is submitted to SEBI for review.
.After reviewing this document either SEBI ask lead managers to make changes to it or approve it to go ahead with IPO processing
Draft document are available on SEBI's website in the section of ‘Reports -> Public Issues: Draft Offer Documents filed with SEBI" at: http://www.sebi.gov.in/SectIndex.jsp?sub_sec_id=70
"Draft Offer document" is usually a PDF file having information of an investor who needs to know about the public issue. It mainly contain information about the company, its business, management, risk involve in applying to this issue, company financials and the reason why company is raising money through IPO.
Stage 2: Offer Document
Once the ‘Draft Offer document' cleared by SEBI, it becomes "Offer Document". Offer Document is the modified version of ‘Draft Offer document' with SEBI suggestions."Offer Document" is submitted to the registrar of the issue and stock exchanges where Issuer Company is willing to list.
Stage 3: Red Herring Prospectus
Once "Offer Document" gets clearance from Stock Exchanges, Issuer Company add Issue size and price of the issue to the document and make it available to the public. The issue prospectus is now called "Red Herring Prospectus".Red Herring Prospectus also can be found on SEBI website at:
http://www.sebi.gov.in/SectIndex.jsp?sub_sec_id=72
Liquidity - Investing in a public company is much more acceptable by investors than private firms.
Value - Public companies can experience remarkable growth through stock appreciation. 
Access - A public company has a higher level of access to capital markets and other resources needed for growth. 
Book Building is basically a capital issuance process used in Initial Public Offer (IPO) which aids price and demand discovery 
we offer the best IPO expertise to help your company go public, since 2006 many companies have benefitted our expertise in venture capital raising, business plan drafting & legal matters.. 
IPO Consulting involves a turn-key kind of solution to all your company's IPO needs, as in itself IPO means the new offer of a company's shares to the public in the country's capital markets. Initial Public Offer