Module III· ECM — IPO ProcessIntermediate
Question
What is the securities prospectus, and what main sections does it contain?
Answer
The prospectus is the legally required disclosure document for a public offering / listing. It contains issuer information, business description, risk factors, financial statements, MD&A, use of proceeds, shareholder structure, management, governance, dividend policy, offer terms, taxation, and legal information. It is liability-heavy and reviewed by regulators and counsel.