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Going Public. Dissecting IPO Form S-1 / Prospectus. (last updated 12 Feb 13). Regulation Ex ante disclosure Ex post enforcement. Info Price. Market forces ECMH Intermediaries. Regulation of public offering. Securities Act of 1933 Section 5 

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going public

Going Public

Dissecting IPO

Form S-1 / Prospectus

(last updated 12 Feb 13)

info price

Regulation

Ex ante disclosure

Ex post enforcement

Info Price

Market forces

ECMH Intermediaries

regulation of public offering
Regulation of public offering

Securities Act of 1933

Section 5 

(a) Unless a registration statement is in effect as to a security, it shall be unlawful for a person, directly or indirectly--

(1) ... to sell such security ...

(b) It shall be unlawful for any person, directly or indirectly--  

(2) to [have delivered] ... such security ... unless accompanied or preceded by a prospectus that meets the requirements of section 10(a).

(c) It shall be unlawful for any person, ... to offer to sell [a security] ... unless a registration statement has been filed as to such security, ...

public offering regulation
Prospectus disclosure

Issuer’s business, risks

Management

MD&A

Financial statements

Plans for proceeds

Nature of offering

Principal shareholders  

Signed by issuer and corporate insiders

Public Offering - Regulation
public offering regulation5
Public Offering - Regulation
  • Registration system  
  • Controlled disclosure
    • no marketing until RS filed
    • no sales until RS effective
  • SEC review
  • Liability for misrepresentations
    • Issuer (strict liability)
    • Top executives
    • Directors
    • Underwriters
    • Experts (accountants) 
33 act registration
Statutory

Who signed? §6(d)

Filing fee? § 6(b)

Effective date? § 8 / Rule 473

How disseminate? §5(b)

What info? §7

SEC disclaimer? §23

Regulatory

What disclose? Form S-1 [description of forms]

Itemized? Reg S-K

Red herring? Rule 430

Final prospectus?

Rule 424

Rule 430A

’33 Act Registration
slide7
Part 4

Securities Offerings

slide8
Registration Statement

Cover Page: Terms of IPO

Info to SEC

Who contact? Fees?

Part I: Prospectus

Info to investor

Company story

Audited financials

Part II: Additional info

How much IPO cost

Indemnification

Sales of unregistered stock

Signatures

Exhibits

Treasure trove

Can be filed confidentially

  • EDGAR
  • Form S-1/A
  • Rule 424(b)
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