Conditions for initial public offer: eligibility thresholds, book building alternative, allotment safeguards, holding period and convertible securities limits. Regulation 26 sets conditions for an initial public offer including minimum net tangible assets, net worth and, where applicable, minimum average pre tax operating profit on a restated consolidated basis; limits on monetary assets unless committed to use; aggregate issue size relative to pre issue net worth; revenue continuity after name change; alternative book building eligibility with minimum allotment to qualified institutional buyers and refund obligations; restrictions on IPOs while outstanding convertible securities or equity rights exist subject to specified exceptions; holding period rules for shares offered for sale; and optional grading by registered credit rating agencies.