NYSE’s new idea hits a roadblock.
Direct listing would allow companies to sell shares in opening auction on first day on exchange.
SEC Finalizes ‘Test-The-Waters’ Policy Expansion, Allowing Companies to Solicit Investor Interest Before IPOs
New rule removes Obama-era revenue cap of <$1 billion for companies to solicit investor feedback before going public.
Proposition would allow businesses to solicit institutional investor interest before filing an IPO.