Encouraging Public Offerings Act of 2025

This bill makes it easier for all companies to prepare for going public or selling more stock. It lets any company “test the waters” by talking with potential investors to see if there’s interest before or after filing official paperwork, not just a special group of newer companies as before. It also allows any company to send a draft of its registration to the SEC for a private review before the public sees it. Those drafts must later be made public on a set timeline: 10 days before an IPO or a first stock exchange listing, and 48 hours before later offerings.

The SEC can add extra guardrails for companies that aren’t “emerging growth companies,” but it has to publish proposed rules and send Congress a report explaining why before making those changes. In everyday terms, this could mean more local and mid-sized businesses can test investor interest and fix issues early, which may lead to more public offerings and clearer information for investors.

Key points

• Who is affected: All companies planning an IPO, a first-time stock exchange listing, or a follow-on stock sale; investors who review these offerings.
• What changes: Any company can test investor interest and use confidential draft filings with the SEC; the SEC may set added requirements for non-new-growth companies after reporting to Congress .
• Timing for public disclosure after a confidential review: 10 days before an IPO or first exchange listing, and 48 hours before later offerings.