How long is an IPO's offer document? 539 pages.

What the chart shows

The offer document a big company publishes before its IPO runs a typical 539 pages. We counted the pages of 62 of them, for IPOs that opened from 23 July to 30 September 2026.

Shortest: Priority Jewels, 387 pages Typical: 539 pages Longest: Horizon Industrial Parks, 847 pages 14 of the 62 ran past 600 pages.

Small-company (SME) IPOs over the same weeks: a typical 388 pages, across 62 documents.

What this is: the offer document (the red herring prospectus) is the company's full disclosure before you apply: what the business does, the risks it sees, its money (sales, profit, debts), who owns it, and what the IPO money is for. What it is not: a verdict. A longer document is not a better or worse company.

The risks section is worth reading in full. In the 36 documents where we found where it starts and ends, it ran a typical 57 pages.

How it is measured

Before an IPO, the company publishes an offer document (the red herring prospectus): its full disclosure of the business, the risks it sees, its money, its owners and what the IPO money is for. We counted the pages of the offer document we hold for each big-company (main-board) IPO that opened for applications from 23 July to 30 September 2026: 62 documents. The page count is the number of pages in the PDF the company published, cover to cover.

Each book is drawn as tall as its page count, all to one scale. The typical length is the middle one: half the documents are shorter and half are longer. Without the longest document it is 537 pages; without the shortest, 540.

Left out: 1 big-company IPO whose document we could not read. Small-company (SME) IPOs over the same weeks: 62 documents, a typical 388 pages (2 files left out for being a short summary or having one bound in). A page count measures a document.

A longer document is not a better or worse company.

Using this chart