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Statistik › Börsennotierungen, IPOs und Kapitalmaßnahmen › Prospectus length

The median European share offering document runs about 400 pages and the new legal cap is 300 sides, measured on bases that do not match

KennzahlZahlSource and sample
Base prospectus, median lengthnearly 200 pagesmarkets authority peer review, documents registered 30 November 2020 to 27 January 2022
Universal registration document, median lengthalmost 300 pagessame
Germany, top five per cent of documentsreaching 750 pagessame
Ireland, top five per centreaching 700 pagessame
Luxembourg, top five per centreaching 550 pagessame
Sweden, more than three quarters of documentsbelow 100 pagessame
Documents whose size counting incorporated materialsome "more than double their original size"same
Median share offering document in five markets400 pagestrade body study of March 2019, ten most recent offerings in each of five countries
Netherlands, country median250 pagessame
Italy, country medianover 800 pagessame
Issuers raising 150 million to 1 billion euro, mean577 pagessame
Issuers raising above 1 billion euro, mean514 pagessame

Two separate measurements on two separate populations. The peer review counts documents registered with national authorities, including base prospectuses and registration documents. The trade body study counts the offering documents of actual initial public offerings in France, Germany, Italy, the Netherlands and Spain, ten in each.

A regulator found base prospectuses with a median of nearly 200 pages and registration documents of almost 300, with the top five per cent in three states reaching 550 to 750 pages. A trade body measured offering documents at 250 to over 800.

about 400 pagesMedian share offering document, one study
300 sides of A4New statutory cap
nearly 200 pagesMedian base prospectus
almost 300 pagesMedian registration document

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Below this point there are 6 sections, 1 table and 6 named sources, roughly 750 words of it. Every figure carries the source it came from and the date the data is from.

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