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IPO prospectuses: the long and longer of it

Paytm, listing in India, this month bested Didi and Uber with a 500-page “red herring”, as preliminary prospectuses are known.

©The Financial Times Limited 2020 Aug 2, 2021 / 11:58 AM IST
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IPO prospectuses: the long and longer of it

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Given the sky-high valuations achieved by market newbies, it is fitting that their prospectuses achieve equally ridiculous bulk. US-listed ride-hailing apps Didi and Uber both bombarded would-be investors with about 400 pages of information. Paytm, listing in India, this month bested the duo with a 500-page “red herring”, as preliminary prospectuses are known. This is massive page inflation. Microsoft, going public in 1986, said all it needed to in 50 pages. A couple of decades later Google weighed in at...

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