The U.S. Securities and Exchange Commission will allow all companies to privately file early documents for initial public offerings, expanding the benefit beyond small businesses.
Confidential filing allows a business to gauge interest from investors for a potential deal and adjust its pitch before filing publicly. The process was initially implemented with the Jumpstart Our Business Startups Act, signed into law by President Barack Obama in 2012, which allowed companies with less than $1 billion in revenue to submit registration statements for initial nonpublic review.
Snap Inc., which raised $3.9 billion in March, is one of the largest companies to have taken advantage of the confidential process. The company filed late last year, people familiar with the matter said in November, before publicly unveiling its deal prospectus in February.
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