Encouraging Public Offerings Act of 2025

HR 3381, the Encouraging Public Offerings Act of 2025, allows any company planning an initial public offering (IPO), follow-on offering, or initial securities listing to confidentially submit draft registration statements to the Securities and Exchange Commission (SEC) for staff review before public filing. The bill removes the previous restriction that limited this confidential review process to "emerging growth companies" and expands it to all issuers. Companies must publicly file the draft and any amendments within specific deadlines: 10 days before an IPO's effective date, 10 days before a securities listing, or 48 hours before a follow-on offering's effective date. This change directly affects businesses preparing to go public by providing a more flexible pre-filing review process.