Form S-1 is an
SEC filing used by companies planning on
going public to register their securities with the
U.S. Securities and Exchange Commission (SEC) as the "registration statement by the Securities Act of 1933". The S-1 contains the basic business and financial information on an issuer with respect to a specific securities offering. Investors may use the
prospectus to consider the merits of an offering and make educated investment decisions. A prospectus is one of the main documents used by an investor to research a company prior to an initial public offering (
IPO
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
). Other less detailed registration forms, such as
Form S-3
Form S-3 is the most simplified securities registration form used by the U.S. Securities and Exchange Commission. It may only be used by companies that have been required to report under the Securities Exchange Act of 1934 for a minimum of twelve ...
may be used for certain registrations.
Every business day, S-1 forms are filed with the SEC's
EDGAR filing system, the required filing format of the U.S. Securities and Exchange Commission. However many of these are of the related Form S-1/A, which is used for filing amendments to a previously filed Form S-1.
The S-1 form has an
OMB approval number of 3234-0065 and the online form is only 8 pages long. However the simplicity of the form's design is belied by the
OMB Office's figure of the estimated average burden – 972.32 hours. This means that much time and effort in preparation of the form is being used to collect and display information about the filer (a corporate registrant or new registrant who intends to offer securities). The S-1 form requires that the registrant provide information from diverse sources and incorporate this information using many rules or regulations, such as General Rules and Regulations under the Securities Act, Regulation C,
Regulation S-K and
Regulation S-X.
Under the
JOBS Act, it has been possible since April 2012 for "emerging growth companies" to file a Form S-1 on a confidential basis, only making the contents public 21 days prior to the
road show for the IPO. This quickly became a popular method for even established companies (such as
Manchester United
Manchester () is a city in Greater Manchester, England. It had a population of 552,000 in 2021. It is bordered by the Cheshire Plain to the south, the Pennines to the north and east, and the neighbouring city of Salford to the west. The two ...
and
MGM Studios) to conduct securities offerings.
References
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External links
PDF of form S-1Latest S-1 filings
SEC filings