A near-final draft of the prospectus (known as a "red herring" in the US) which is used to assess the level of demand from potential investors for a share offer. The pathfinder normally contains an indicative price range within which the offer price will be set.

As the pathfinder prospectus will not yet have been approved by the FCA, it will be an advert for the purposes of the prospectus regime and a financial promotion for the purposes of the financial promotion regime. For further details, see Practice note, Listing requirements and the prospectus: Pathfinder and preliminary prospectuses.