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The U.S. Securities and Exchange Commission (SEC) is looking to dramatically expand companies’ ability to gauge interest from large investors before going ahead with initial public offerings (IPOs).

The agency said Tuesday that it is seeking comment on a proposal to remove restrictions on firms using the “test-the-waters” program. Since it was created in 2012, as a product of the Jumpstart Our Business Startups Act, the program has limited participation to companies with less than $1 billion in annual revenue.


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