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Technology Stocks : Investing in Exponential Growth

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From: Paul H. Christiansen	2/22/2018 6:25:02 AM
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Companies Could Get More Flexibility to Start IPOs The IPO “on-ramp” could be getting an expansion. Securities regulators hoping to spur more initial public offerings are weighing a deregulatory move that would allow all companies—not just smaller firms—to stage private talks with investors before announcing they will sell stock, according to people familiar with the matter. Congress in 2012 gave smaller companies and some startups the freedom to “test the waters” for an IPO through the Jumpstart Our Business Startups Act. A decision by the Securities and Exchange Commission to expand that benefit to all companies regardless of size could help advance SEC Chairman Jay Clayton’s goal to boost the number of public companies. Mr. Clayton, who took the SEC helm in May 2017, wants to pare red tape after the number of public companies has fallen by nearly 50% since the late 1990s. Many startups valued at over $1 billion, such as Airbnb Inc. and Uber Technologies Inc., have deferred IPOs for years. The move to broaden testing the waters would boost an earlier action that let all companies file IPO paperwork secretly with the SEC, the people said, which allows firms to keep under wraps sensitive financial data if they don’t go through with the deal. “Coupling that with confidential submissions could go a long way toward getting bigger companies to go out and start the process,” said Kevin Kennedy, a Palo Alto-based partner at Simpson Thacher & Bartlett LLP who advises companies and banks on IPOs. The SEC is reviewing how to make the change to permit private talks, which officials preliminarily think could be done through their own authority, the people said. The SEC has broad power to exempt firms from specific investor-protection measures, including the law that prohibits selling shares before providing investors with required financial disclosures. *Read More* - $ The Wall Street Journal

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