On June 29, 2017 the U.S. Securities and Exchange Commission announced that it would permit all companies registering for an initial public offering to take advantage of the confidential review process that was previously available only to emerging growth companies. The issuers would still be required to publicly file the registration statement for the IPO 15 days prior to the commencement of the road show for the IPO.

Additionally, the SEC will allow newly public companies to submit initial registration statements on a confidential basis until the 12th month following the effective date of the issuer's IPO. Any further amendments would need to be filed publicly, and a public filing must be made at least 48 hours prior to the proposed effective date of the registration statement for the offering.

This change will go into effect on July 10, 2017. Learn more in the SEC’s update: “Draft Registration Statement Processing Procedures Expanded.”