Senators Look to Increase Small Firm IPOs With Bipartisan Bill

Two members of the Senate Banking Committee are introducing bipartisan legislation to help small and mid-sized businesses that want to go public, as policymakers consider ways to boost initial public offerings.

The so-called ELEVATE Act would let emerging growth companies, including those that just want to spin off from a parent, submit just two years of audited financial statements to the Securities and Exchange Commission in the lead up to an IPO, down from three years that some firms must provide.

The current treatment restricts some companies from accessing public capital markets, according to a statement from Nebraska Republican Pete ...