U.S. IPO Registrations Filed per Month (S-1 and F-1)

## What this measures

How many companies publicly filed a first registration statement to sell shares to the public in the month: original Forms S-1 and F-1 from companies that had filed no annual or quarterly report before, excluding blank-check companies (SPACs).

## Why it matters

The registration statement is the first public step toward an IPO, so filings run ahead of pricings by a few months. A swell in filings is an early sign the IPO window is opening; a drought means issuers expect poor valuations.

## How to read it

Higher means more companies are lining up to go public. Compare it with IPOs priced (ipo.us.priced.monthly) a quarter or two later, and with withdrawals (ipo.us.withdrawn.monthly).

## What it does not say

A filed registration is not an IPO: many are withdrawn or never priced, and some first-time S-1 filings register shares for resale or for tiny self-underwritten offerings that never list on an exchange. Since 2012 most issuers first submit a draft registration statement confidentially (Form DRS); the public S-1 follows weeks or months later, so this count lags the true start of IPO preparation. The industry code is the company's current one.

## How it's built

Palanor counts original registration statements on Form S-1 (U.S. issuers) and Form F-1 (foreign private issuers) by the date filed, when the company had filed no annual or quarterly report (10-K, 10-Q, 20-F, 40-F or their variants) before that date: a first-time registrant. Amendments (S-1/A, F-1/A) are not counted. SPAC registrations (SIC code 6770 or a blank-check name such as "... Acquisition Corp") are counted separately. History comes from the EDGAR quarterly form indexes from 2001 and the company records in EDGAR's bulk submissions file; a daily job reads the daily form indexes. The month 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).