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of <h1>Promoters Must Contribute Minimum 20% in IPOs Under SEBI Regulation 32; Alternative Funds Can Cover Shortfall</h1> Regulation 32 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, mandates that promoters contribute a minimum percentage in public issues. For an initial public offering (IPO), promoters must contribute at least 20% of post-issue capital. Alternative investment funds can cover any shortfall up to 10%. In further public offers or composite issues, the contribution should be 20% of either the proposed issue size or post-issue capital. For convertible securities, promoters must contribute 20% through equity shares or convertible subscriptions. Contributions must be in place before the issue opens, with funds held in escrow.
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