A preliminary offering document or draft admission document which is used to assess the level of demand from potential investors for the shares on offer. The pathfinder must contain all the information required by the AIM Rules (and, where applicable, by the UK Prospectus Regulation and related legislation) but as the price for the offered shares will not be finalised, the pathfinder will normally contain an indicative price range within which the price will be set.

For further details, see Practice note, Preparing a company for admission to AIM.