U.S. IPO Calendar: Upcoming and Recent Listings

A U.S. IPO, or initial public offering, is the first time a company offers its shares to the general public. This calendar lists upcoming and recent offerings gathered from official exchange pages, and this page explains the SEC process behind them, the risks that come with new issues, and the tax rules that apply when you or your employer hold IPO shares.

The calendar below carries its own "as of" date, so check it before relying on any entry. Dates, price ranges and even whether an offering happens at all can change.

How the IPO process works in the United States

The SEC's Investor.gov explains the sequence in its investor bulletin on IPOs.

1. Registration. A company may not lawfully offer or sell shares unless the offering is registered with the SEC or an exemption applies. It typically files a registration statement on Form S-1, which includes the prospectus, the offering document describing the business, the terms and the risks.
2. SEC staff review. Staff review the filing for disclosure compliance, and the review often leads to revisions. The SEC says the review is not a guarantee that disclosure is complete or accurate, and that the staff does not judge whether an IPO is a good investment.
3. Quiet period. The federal securities laws do not define the term, but it refers to the period around the filing during which offering-related communications must comply with the securities laws.
4. Underwriters and pricing. Underwriters, the investment banks that manage and sell the IPO, collect indications of interest from prospective investors and recommend a price. The issuer decides the final price.
5. Effectiveness and final prospectus. When comments are addressed, the staff declares the registration statement effective. The company then typically files a final prospectus, labeled 424B3 or 424B4 on EDGAR, with the final price.
6. Listing. The company usually applies to list on an exchange such as the New York Stock Exchange or Nasdaq, and from then on it must file quarterly and annual reports.
7. Lockups. Insiders and the underwriters typically sign lockup agreements. Investor.gov says the terms vary but most prevent insiders from selling for 180 days, and that the terms must be disclosed in the prospectus.

How to use an IPO calendar

Read the calendar as a schedule of filings, not a list of opportunities. A filing date means the company has registered or amended its offering; a pricing date means the offering is expected to happen soon; a listing date is when shares start trading. Many calendars show an expected price range that can change before pricing.

For any name that interests you, read the prospectus on the SEC's EDGAR database rather than a summary. Investor.gov highlights the sections to start with: the summary, risk factors, use of proceeds, dividend policy, dilution and management's discussion. Check that you are looking at the latest amendment, because the document is revised during the process. Our most active U.S. securities list and new highs list show how trading looks once a company is public.

Risks to understand

• They can be speculative. The SEC says IPOs by their nature can be risky and speculative investments.
• Access is limited. Underwriters often distribute most IPO shares to institutional and high-net-worth clients. The more common route for individuals is to buy in the market after the shares are first resold.
• Little history. A new public company usually has no reporting history, so the prospectus may be your main source of information.
• Lockup expiry. The SEC notes a stock price may drop in anticipation of insiders' shares becoming sellable when a lockup ends.
• No endorsement. Effectiveness of a registration statement is not an approval of the merits of an offering.

Where the official calendars and filings are

• Nasdaq publishes an IPO calendar with upcoming and priced offerings.
• The New York Stock Exchange runs an IPO center with recent filings and priced deals.
• The SEC's EDGAR database holds each company's Form S-1 and amendments, and the final prospectus.
• SEC Investor.gov has the investor bulletin on IPOs and a note on lockups.

Tax notes

• Your cost and holding period. If you buy IPO shares, your basis is generally what you paid, and the holding period decides whether a later gain is short-term or long-term. See our capital gains and losses guide.
• Employees of a company that goes public. Pre-IPO stock options and restricted stock units have their own timing rules; read about stock options and RSUs and the section 83(b) election before an IPO if you hold equity compensation.
• Readers in India or Canada. Nonresident aliens generally owe tax on U.S. dividends at a 30% default rate unless a treaty reduces it, and capital gains are generally not taxable if they spend fewer than 183 days in the U.S., per the IRS. Your home country has its own rules, and our international tax services page explains how we approach the combination.

Our page for investors describes the planning we do around new issues and equity compensation.

Frequently asked questions

General information only, not tax, legal or accounting advice for your situation. Rules, limits and deadlines change; confirm the current rules with the official source or a qualified professional before you act. Reading this page does not create a professional relationship with CPA Tax Payroll and Accounting Corp.