IPO Intelligence • The IPO Process

What Is an S-1 Filing?

The registration statement that makes an IPO legal.

Cluster: The IPO Process • Type: Evergreen Guide • Pillar: IPO Intelligence

What Is Form S-1?

Required under Securities Act of 1933 to sell securities to public. Cannot sell until SEC declares effective.

Inside an S-1

• Prospectus Summary, Risk Factors, Use of Proceeds, Capitalization, Dilution, MD&A, Business, Management, Financials, Exhibits

SEC Review Process

File -> 30 days -> SEC comment letter -> File S-1/A -> Repeat 2-4 times -> Effective.

Confidential Filing

Under JOBS Act, Emerging Growth Companies can file confidentially, test waters, then go public.

Why Investors Watch It

Only unfiltered doc. Changes in price range, share count, and financials between S-1 and S-1/A signal demand.

Find all on EDGAR: sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=&type=S-1

This article is part of The IPO Process. Next: What Is an IPO Prospectus?

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