Key facts
- US IPOs typically take three to six months from filing to market debut.
- Companies can file initial IPO paperwork confidentially with the SEC.
- The S-1 or F-1 registration statement provides investors details on the company's business, risks, and major backers.
- Roadshows involve company executives and underwriters pitching to investors to test demand.
- The greenshoe option allows underwriters to sell additional shares to meet excess demand.
- Company insiders face a lock-up period of 90 to 180 days after the IPO.
Anthropic's Monday filing for a US listing highlights the multi-step process for initial public offerings, which can take three to six months. Companies first hire underwriters to manage the process and prepare a prospectus, which can be filed confidentially with the SEC. Following the public filing of the registration statement, companies conduct roadshows to gauge investor demand. The offering is then priced, shares are allocated to institutional investors, and trading begins on an exchange the following day. Insiders typically face a lock-up period of 90 to 180 days.