U.S. IPO Registrations Withdrawn per Month

## What this measures

How many first-time registrants withdrew a registration in the month: Forms RW filed by a company that had filed its own original S-1 or F-1 within the previous five years and had filed no annual or quarterly report before the withdrawal. SPACs are excluded.

## Why it matters

Companies pull IPOs when markets turn, valuations fall short or a buyer appears. A rise in withdrawals is a sign the window is closing, or that private buyers are outbidding public markets.

## How to read it

Higher means more planned IPOs are being abandoned. Read it against registrations filed (ipo.us.registrations.monthly) in the preceding year.

## What it does not say

Form RW can withdraw any registration statement, and a company with several registrations on file may withdraw one that was not its IPO; the first-time-registrant rule keeps most of those out. A withdrawn IPO may come back later under a new filing. It does not say why the IPO was pulled.

## 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. A Form RW counts when its filer had filed an original S-1 or F-1 in the five years before it and had not yet filed a periodic report. "RW WD" (withdrawal of a withdrawal) is not counted.

## 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).