The IPO Board

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NYSE Lowers IPO Public Float Requirement

August 21, 2009

The Securities and Exchange Commission has okayed a proposed rule change filed by the New York Stock Exchange to lower its public float requirement for initial public offerings.

The amendment lowers the public float requirement for IPOs, spin-offs, and companies listed under the Exchange’s Affiliated Company standard from $60 million to $40 million.

The lower public float requirement applies to real estate investment trusts listed under Section 102.05, but not closed-end funds listed under Section 102.04 (which continue to be subject to a $60 million public float requirement ) or special purpose acquisition companies listed under Section 102.06 (which are subject to a $200 million public float requirement).

Comments are due 21 days after publication in the Federal Register.