The S-1 contains the basic business and financial information on an issuer with respect to a specific securities offering.
A prospectus is one of the main documents used by an investor to research a company prior to an initial public offering (IPO).
However the simplicity of the form's design is belied by the OMB Office's figure of the estimated average burden – 972.32 hours.
Under the JOBS Act, it has been possible since April 2012 for "emerging growth companies" to file a Form S-1 on a confidential basis, only making the contents public 21 days prior to the road show for the IPO.
This quickly became a popular method for even established companies (such as Manchester United and MGM Studios) to conduct securities offerings.