The IPO prospectus, also known as the registration statement, is prepared and written by the company planning to go public (the issuer) or its underwriters. With the assistance of investment banks and legal advisors, the issuer typically takes the lead in writing the IPO prospectus. The prospectus contains comprehensive information about the company’s financials, business operations, industry analysis, risk factors, management team, and other relevant details required by regulatory authorities such as the Securities and Exchange Commission (SEC) in the United States. The underwriters and legal advisors are crucial in ensuring the accuracy and compliance of the information presented in the IPO prospectus.