IPO Key Documents

Summary

This practice note discusses the key documents prepared in connection with an initial public offering (IPO), including the key agreements, comfort letters, and legal opinions, among others. In an IPO, a company sells its common stock to the public for the first time in an offering registered with the Securities and Exchange Commission (SEC). An IPO is time-consuming, complex, and document-heavy and requires coordination among the issuer, the underwriters, their counsel, and other parties such as accountants. This practice note provides an overview of the main terms and functions of key documents in an IPO and offers practical guidance so that you can spot important issues as you draft and negotiate with the other parties in an IPO.