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An initial public offering (IPO) is the traditional method of obtaining a listing on a stock exchange. First a prospectus is filed with the securities commission, followed by an application for a public listing. The prospectus provides potential investors with detailed information they need to make informed investment decisions.

Filing a prospectus

Your prospectus is an extremely detailed and critical document in the process of going public. It provides investors with the information needed to make informed investment decisions. Successful completion of a prospectus requires the co-operation of management, legal counsel, auditors, securities commissions and the Exchange.

Prospectus filing and review is a five-step process:

• File a preliminary prospectus with the Exchange, your home province securities commission and other provincial jurisdictions where shares will be sold.
• Regulatory authorities review the prospectus and inform your professional advisors of any deficiencies.
• After all deficiencies are cleared to the satisfaction of the regulators, file an amended prospectus in final form.
• The securities commission will issue a final receipt as acceptance of the prospectus.
• This approval allows your company to begin selling shares in the provincial jurisdictions where a final receipt has been issued.