On June 29, the Securities and Exchange Commission (SEC) announced that it is permitting all companies to file the paperwork for an initial public offering (an IPO) without immediately disclosing the IPO to the public. Further, companies will be permitted to immediately withdraw an IPO filing. Previously, this “nonpublic review process,” known as the “stealth IPO rules,” was only available to emerging growth companies. As of July 10, when the so-called “stealth IPO rules” went into effect, all companies, including those that would not be classified as emerging growth companies, have been able to take advantage of a confidential IPO process.
Where Have All of the Initial Public Offerings Gone?
