A rudimentary prospectus that is circulated prior to an initial public offering (IPO) in order, and after the price range has been determined, to solicit interest in the company’s product offering. It doesn’t include an offering price (though on rare occasions it may specify a price range). This prospectus is not final and is subject to amendment and revision. In this sense, a red herring prospectus is a marketing document that is meant to attract investors’ broad attention.

It is also known as a preliminary prospectus or a pre-IPO prospectus.