Here's The Deal With The 'Secret' IPO Twitter Just Announced

But rather than do it in a conventional way, Twitter will go with a "confidential" IPO.

What is a confidential IPO?

It's an IPO that lets Twitter avoid the spotlight that comes with going public.

Confidential IPOs are a part of the JOBs Act which passed on April 5, 2012.

The SEC says that it's for "emerging growth" companies. An emerging growth company has less than $1 billion in revenue.

The confidential IPO lets Twitter avoid publicly releasing financials until 21 days before its roadshow.