Natural Grocers by Vitamin Cottage, a specialty retailer of natural and organic groceries and dietary supplements, today became the first emerging growth company (EGC) to complete an IPO after commencing its SEC review process with the confidential submission of a Form S-1, as permitted by the JOBS Act. Natural Grocers' IPO illustrates several key steps in the IPO process for an EGC that elects to confidentially submit a draft Form S-1:
- Natural Grocers made its initial confidential submission on April 25, 2012.
- The staff's initial comments arrived 27 days later (a normal timeframe for initial comments on a Form S-1, whether confidentially submitted or publicly filed).
- Natural Grocers confidentially submitted a revised Form S-1 to respond to the staff's comments.
- After receiving a second comment letter, Natural Grocers made its first public filing of the Form S-1 on June 18, 2012, or 36 days before effectiveness. This timing reflects the requirement to publicly file the Form S-1 at least 21 days before the road show commences, together with about two weeks to conduct the road show before pricing the offering.
- Before completing the IPO, Natural Grocers amended its Form S-1 several more times.
LegalZoom, which in May unveiled the first confidential submission under the JOBS Act, has not yet completed its IPO as of this writing. Read our earlier post on LegalZoom.