More on the IPO Market from the SEC Investor Advisory Committee -

The SEC Investor Advisory Committee devoted its June 22, 2017, session to a discussion of the decline in the number of U.S. IPOs. Chair Clayton addressed the Committee and noted that the decline in the number of U.S. IPOs and in the number of listed companies was a concern. The Chair noted that the Director of the Division of Corporation Finance is “actively exploring ways in which we can improve the attractiveness of listing on our public markets, while maintaining important investor protections.” The panel heard from academics as well as bankers about the changes in U.S. market dynamics that may be at the root of the decline in the number of IPOs.

NYSE Withdraws Proposed Rule Allowing Listing Without an IPO -

On June 19, 2017, the NYSE withdrew its proposed rule, originally issued on March 13, 2017, to modify the provisions regarding the qualification of companies listing on the NYSE to allow for a listing without an IPO. Section 102.01B of the NYSE Listed Company Manual currently recognizes that some companies that have not previously registered their common equity securities under the Exchange Act, but which have sold common equity securities in a private placement, may wish to list those common equity securities on the NYSE at the time of effectiveness of a resale registration statement filed solely for the resale of the securities held by selling stockholders. The proposed rule change was published for comment in the Federal Register on March 31, 2017, and the SEC received no comments on the proposed rule.