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Initial Public Offering
An initial public offering (IPO) is the traditional method of obtaining a listing on a stock exchange. This method involves the preparation of a prospectus to be filed with the securities commissions, and then completion of an application for a public listing. The prospectus provides potential investors with detailed information they need to make informed investment decisions.
Filing a prospectus
Your prospectus is an extremely detailed and critical document in the going public process, providing investors with the information needed to make informed investment decisions. Successful completion of a prospectus requires the co-operation of management, legal counsel, auditors, securities commissions and Toronto Stock Exchange (TSX) or TSX Venture Exchange.
Filing a prospectus is a five-step process:
- File a preliminary prospectus with TSX or TSX Venture, as well as with your home province securities commission and other provincial jurisdictions where securities will be sold.
- Regulatory authorities review the prospectus and inform your professional advisors of any deficiencies.
- After all deficiencies are cleared to the satisfaction of the regulators, file an amended prospectus in final form.
- The securities commission will issue a final receipt as acceptance of the prospectus.
- This approval allows your company to begin selling securities in the provinces where a final receipt has been issued.
