That’s the way it works.
First comes the SEC filing called Form S-1, or in Aliababa’s case, Form F-1 as in foreign.
On May 6, 2014, Alibaba Group Holding filed for an IPO to raise $1 billion and the world went crazy. The joint-lead managers were Credit Suisse, Deutsche Bank Securities, Goldman Sachs, J.P. Morgan, Morgan Stanley and Citi. Rarely does the Form S-1 give the number of shares to be offered and a price range. This was the case with Alibaba (Click to see prospectus.)
Next comes the SEC filing amendments called Form S-1/A, or in Alibaba’s case, Form F-1/A. (Click to see prospectus.)
On June 26, Alibaba filed an amendment naming the New York Stock Exchange as the place where its shares will be traded. The proposed symbol was “BABA,” but there was nothing about the proposed pricing terms regarding the number of shares to be offered and a price range. That’s not unusual. (Click to see prospectus.)
Just when Alibaba will file its updated Form F-1/A with its expected pricing terms is anybody’s guess. That answer is blowing in the wind.
One thing for sure: When that happens, its joint-lead managers will tell the world Alibaba’s exact pricing date. Until then, we wait.
That’s the way it works.
Alibaba is only one story from the SEC files.
Forecast: July Traffic Jam
If you have been watching the SEC filing window over the last few weeks, there is a bigger story unfolding in the IPO market.
July could be another big month for the calendar.
Beginning with the week ending June 20 and running through the week ending July 3, no less than 48 companies filed plans to go public. They are looking to raise about $5.8 billion.
As we have seen, under the JOBS Act, a company can file a Form S-1 (initial filing) and land on the IPO calendar in a matter of a few weeks.
As we have seen, under the JOBS Act, a company can file a Form S-1/A (amendment) setting pricing terms and land on the IPO calendar the following week.
Over the last few weeks, 48 companies have filed a Form S-1.
In closing, over the last 15 years, an “average” July amounts to 14.8 IPOs, according to the SEC’s files.
Looking into the week of July 14, the calendar is “clean and green.” But anything could happen. July will still be young at that point – and 48 companies have filed plans to go public.
Disclosure: Neither the author nor anyone else on the IPOScoop.com staff has a position in any stocks mentioned, nor do we trade or invest in IPOs. The author and IPOScoop.com staff do not issue advice, recommendations or opinions.