This is the offering document printed by the company containing a description of the business, discussion of strategy, run-down of key risks, presentation of historical financial statements, explanation of recent financial results, management and their backgrounds and ownership. The preliminary prospectus will typically first be filed without a proposed price range or share offering (pink herring) and then later have that information filled in (red herring). It is the company’s principal marketing document. Management, when touring on the roadshow, is limited to discussing only the information contained in the prospectus. After pricing, the company will file a final prospectus.