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A wave of tech startups are secretly seeking to go public.
Choosing to file confidentially for an initial public offering is fast becoming the norm for young technology companies. On Friday, GoPro, a video camera maker favored by extreme athletes and everyday adventurers, became the latest to file such a “secret IPO.”
Companies like GoPro are taking advantage of a provision in the 2012 JOBS Act that allows a company to file with the Securities and Exchange Commission but withhold from the public significant information about its finances until just before shares are sold to the public.
Several other tech companies, including Box and Care.com, have recently filed secret offerings. And there may be more to come.