NYSE Pulls Proposal To Let 'Unicorns' List Without IPO

Law360, New York (July 3, 2017, 5:36 PM EDT) -- The New York Stock Exchange has withdrawn a proposed change to its rules that would have let highly valued private companies like Airbnb, Spotify and other "unicorns" list their shares on the exchange without raising funds in an initial public offering.

The rule was proposed in late March and would have enabled big tech companies with private ownership to list on the world's largest stock exchange without simultaneously raising capital. The proposal did not receive any public comments and was pulled on June 22, according to a regulatory notice.

The NYSE had said that the change would help the exchange woo...

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