By Mario Polito and Elizabeth Bestwick
Why the IPO Market Is Ripe for Change
US IPO activity has lagged in recent years as companies increasingly choose to stay private or list abroad, citing high compliance costs, expansive disclosure obligations, and elevated litigation risk. Under Chairman Paul Atkins, the SEC has signaled a renewed effort to modernize public market regulation and restore the competitiveness of US exchanges for both domestic and international issuers.
What the SEC Is Proposing
In a recent policy address, Atkins outlined a reform agenda focused on easing disclosure burdens and recalibrating governance rules. Key proposals include scaling disclosure requirements based on company size and maturity, expanding and extending JOBS Act accommodations, reconsidering quarterly reporting frequency, narrowing the scope of shareholder proposals, and mitigating securities litigation risk, including by permitting mandatory arbitration provisions in IPO documents.
What This Could Mean Going Forward
If implemented, these changes could materially lower the cost and risk of going public in the US, encouraging more companies to pursue IPOs stateside. A disclosure regime grounded in materiality, rather than one-size-fits-all compliance, may make public markets more accessible to growth-stage companies while preserving core investor protections. Broader market indicators also point to supportive conditions at the start of 2026: Nasdaq reports that the US saw 353 IPOs in 2025, raising approximately $70 billion, signaling renewed investor appetite that could accelerate further if the SEC’s reform agenda reduces friction for new issuers.[1]
How Caldwell Helps Clients Prepare
Caldwell advises companies and investors at critical inflection points in the capital lifecycle. We help clients assess IPO readiness, navigate evolving SEC requirements, design scalable disclosure and governance frameworks, and manage public-company risk. As the SEC’s reform agenda develops and market conditions evolve, Caldwell works with clients to position for successful public listings in a more dynamic and issuer-friendly market environment.
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Source
[1] Mackintosh, P., & Normyle, M. (2026, January 22). Drivers of IPOs Supportive to Start 2026. Nasdaq. https://www.nasdaq.com/articles/drivers-ipos-supportive-start-2026