It means that the company has started the review process with the SEC. The company is going to go back and forth with the agency to make sure their filings, audits, disclosures, etc. are up to par before the company files publicly in a few months. Once the filing is public the company will wait for 15 days before launching their roadshow.
And yes, this is how the process works with every company
This is accurate. They have lead left for their syndicate selected if they’re going the traditional underwriter route. They’ll pick all the banks for their syndicate with help from their advisors, and then teach sell side research about the company and use this as a trial period for fielding questions while everyone is under NDA’s before the public flip. Once the roadshow is launched it’ll be something between 1-2 weeks before pricing, though that’s been compressed towards ~1 week since everyone is doing digital meetings now vs in person.
