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IPO Step 3: What is the timeline of drafting and filing a Form S-1? What steps are required to complete the S-1 drafting and filing process?

  • Identify and review comparable public companies and recent similar IPOs.
  • Drafting sessions (Company, Company’s counsel, underwriters, underwriter’s counsel, and Auditors).
  • Draft and submit to SEC a confidential draft registration statement (“DRS”). The SEC’s initial comments to DRS are typically received within 30 days of DRS submission.
  • Submit amended DRS in response to SEC comments and questions. The SEC usually responds within three weeks.
  • File publicly available Form S-1 at least 15 days before road show begins.

Drafting the Form S-1 can take 30 to 60 days and the SEC review takes approximately 75 to 120 days from the initial filing. The entire process can take more than six months to complete.

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