Question

What is the name of the document that a firm will need to get ASIC’s approval before they can conduct an IPO? How is that document lodged and approved?

Answer 1

PROSPECTUS is the document that a firm need to get ASIC's approval before they couduct IPO.

As a general rule, if you are a public company offering securities for sale (for example, shares or debentures) then you must provide a disclosure document to potential investors.

A disclosure document is the broad term used to describe all regulated fundraising documents for the issue of securities. THE DOCUMENT INCLUDE PROSPECTUS

All companies entitled to fundraise can use a prospectus. You may also be able to use an offer information statement or a profile statement depending on the type of fundraising you intend to do and whether you satisfy the restrictions imposed on using those documents. You must use a two-part simple corporate bonds prospectus for offers of simple corporate bonds. The type of information you'll be required to provide in each of these disclosure documents is different in certain respects.

Prospectuses

A prospectus is the most common type of disclosure document and has the broadest information requirements. If your prospectus offers securities listed on a prescribed financial market, it may not need to contain as much information as otherwise needed because much of the information will already been released to the market as part of your continuous disclosure obligations. For more information see Regulatory Guide 254 Offering securities under a disclosure document (RG 254).

Lodging prospectuses and other disclosure documents

You must lodge your disclosure document with ASIC before it can be used to raise funds. For more information see Regulatory Guide 254 Offering securities under a disclosure document (RG 254).

Lodge through the ASIC Regulatory Portal

You should lodge your fundraising disclosure documents with ASIC through the ASIC Regulatory Portal.

Applications for relief should also be submitted through the ASIC Regulatory Portal. Fees will apply to an application and details about payment options are provided in the portal. For more information see, how you apply for relief.

The portal features structured online transactions with mandatory fields and questions that make it easier for you to provide the information ASIC requires. Links to the relevant ASIC regulatory guidance are included.

You can no longer use ‘OFFERlist Entry’ to record summary information about your offer for exposure to the public.

Details of your offer will be shown on the public Offer Notice Board, as part of the portal lodgement process.

Offer Notice Board was formerly known as ‘OFFERlist’.

When will my document be accepted for lodgement?

Unless you are otherwise notified that ASIC has refused acceptance pursuant to s1274(8), your document is taken to have been lodged with ASIC at the time we receive your portal transaction and the required attached documents. The ASIC Regulatory Portal User Agreement has more information.