Understanding the IPO process step in India involves a merchant banker or book-running lead manager (BRLM) underwriting the company's shares by purchasing all or a portion of the IPO shares and selling them to the public. The BRLM plays a crucial role in assisting the company during the DRHP, IPO roadshow, and due diligence phases of the IPO process. These steps ensure the IPO is successfully launched and subscribed to by the public, managing the transactional risk throughout.