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February 20, 2019 at 05:05 PM
The U.S. Securities and Exchange Commission is looking to dramatically expand companies’ ability to gauge interest from large investors before going ahead with initial public offerings.
The agency said Tuesday that it is seeking comment on a proposal to remove restrictions on firms using the “test-the-waters” program, which had been limited to companies with less than $1 billion in annual revenue since it was created in 2012 as a product of the Jumpstart Our Business Startups Act.
SEC Chairman Jay Clayton, a former Wall Street deals lawyer, has focused on ways to make going public more attractive and reverse the decline in IPOs.
