Median Days from IPO Filing to Pricing (U.S.)

## What this measures

For each operating-company IPO priced in the quarter, the days from its first public original S-1 or F-1 (after any withdrawal, within the three years before pricing) to its final prospectus; the point is the median across those IPOs.

## Why it matters

Time in registration rises when the SEC review queue is long, when markets are choppy and issuers wait for a window, or when a government shutdown stops reviews. Falling times mean issuers are rushing to price while they can.

## How to read it

Higher means IPOs are taking longer to get done. A quarter is shown only when at least five IPOs could be matched to a registration; each point carries the count in its metadata.

## What it does not say

It starts the clock at the first public filing. Since 2012 most issuers first submit a confidential draft (Form DRS), so the true time from first submission is longer than this measure, and more so after 2012 than before. IPOs whose registration could not be matched (for example a registration under another company record) are left out of the median.

## How it's built

An IPO here follows the rule of Palanor's U.S. IPO count (ipo.us.count.quarterly): the first final prospectus (Form 424B4 or 424B1) of a company that had filed no annual or quarterly report before it, leaving out funds, asset-backed issuers, multi-registrant debt filings and companies with no sign of a U.S. exchange listing. SPACs are identified by SIC code 6770, a blank-check name at filing, or a later 8-K reporting the end of shell status confirmed by a unit listing. Registrations are first-time original S-1 and F-1 filings (the rule of ipo.us.registrations.monthly). Quarters with fewer than five matched IPOs have no value. The quarter in progress is left out until it ends.

## Source

U.S. Securities and Exchange Commission, EDGAR full and daily form indexes (sec.gov/Archives/edgar), company filing histories (data.sec.gov submissions) and EDGAR's bulk submissions file. Public domain: "Information presented on sec.gov is considered public information and may be copied or further distributed by users of the web site without the SEC's permission" (SEC website dissemination policy, sec.gov/about/privacy-information).