SEC Endorses Use of Conditional Offers to Buy Shares in IPOs

by · December 16, 2016

The SEC recently issued a no-action letter to Morgan Stanley that will streamline the process for its wealth management clients to participate in IPOs. The SEC said it would not object to Morgan Stanley’s proposed use of conditional offers to buy shares (“COBs”) prior to the effectiveness of IPO registration statements under specific conditions. The no-action request and the SEC’s letter confirm that COBs, if properly implemented, may be used in registered offerings, and when read together, outline detailed procedures to follow in order to use COBs. Read more in our eUpdate here: https://www.dorsey.com/newsresources/publications/client-alerts/2016/12/sec-endorses-use-of-conditional-offers

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Jonathan B. Abram

Jon helps clients fund their growth through debt and equity offerings in public and private capital markets.

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