The New York Stock Exchange (NYSE) submitted an amended rule change with the U.S. Securities and Exchange Commission (SEC) on Monday in a bid to enable companies that debut on the stock market through a direct listing to raise capital.
FILE PHOTO: The New York Stock Exchange logo is displayed on a screen at the New York Stock Exchange in New York, United States, July 2, 2015. REUTERS/Brendan McDermid
The SEC declined an earlier request by NYSE in December to allow companies going public through direct listings to sell stock. It did not disclose the reasons for its decision at the time. NYSE also dropped a proposal for the SEC to waive a requirement that companies have at least 400 shareholders of so-called round lots at the time of the listing.
Some 56 companies have gone public in the United States so far this year, raising $18.4 billion, compared to 160 companies raising $46.3 billion in all of 2019, according to Renaissance Capital. The IPO market was largely subdued for two months earlier this year due to the coronavirus outbreak but activity has rebounded in recent weeks.
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