Facebook picks Nasdaq for IPO
San Francisco, April 7, 2012
Facebook, preparing for what would be Silicon Valley's largest IPO, has picked Nasdaq over the New York Stock Exchange for its listing in a major victory for the technology-laden US bourse, a source familiar with the situation said.
One of the most coveted stock listings in recent years, Facebook's choice of its future exchange translates into a relatively small sum in annual listing fees. But it bestows major bragging rights on Nasdaq OMX Group, already home to the likes of Apple and Google.
A spokesman for Facebook declined to comment. Nasdaq OMX and the NYSE also declined to comment.
The world's largest social network, with more than 800 million users, is aiming to raise $5 billion or more in an initial public offering expected in May.
Facebook's impending debut has whipped up an investor and media frenzy that recalls the go-go days of the first dotcom boom.
The social network that began as a dorm room project for Harvard dropout Mark Zuckerberg has vaulted to Silicon Valley's top tier within eight years.
Its listing decision deals a blow to NYSE Euronext, which has waged an aggressive battle for marquee tech names in past years.
A major push by listings chief Scott Cutler, who frequently flies out for meetings in Silicon Valley, succeeded in snagging LinkedIn Corp and Pandora Media in 2011.
Listing fees range from $38,000 to $500,000 a year on the New York Stock Exchange, and run between $35,000 and $99,500 a year on Nasdaq.
In 2011, NYSE Euronext hosted 44 per cent of technology IPOs in the United States, bringing 19 new listings to the market and ranking first globally in IPO proceeds raised.
So far this year, the bourse has listed about 63 per cent of qualified technology IPOs, and about 60 percent of all qualified transactions.-Reuters
More Media & Promotion Stories
- Microsoft identifies new digital trends
- Etisalat offers live streaming TV apps
- Month-long British Festival in Qatar opens
- 20 students take part in Leo Burnett event
- Saudi, Emirati journalists quit Qatar jobs
- LuLu chief in top global Indian list
- New 'Best Things' website launched
- OSN wins Emirati cricket sponsorhip deal
- Hollywood blockbuster 'Noah' faces GCC ban
- Dubai group launches 'Filmi 72' contest
- Turkey could ban Facebook and YouTube
- Women 'driving social media industry success'
- 5-km long bridal veil makes world record
- Christie’s to auction Egyptian, Iraqi art collections
- Qatar researcher in 360km breast cancer run
- Wedding service providers eye $1.2bn market
- Kuwait DAI to start training programme
- Kanoo Group backs cancer charity event
- Reel Cinemas to open at ‘The Beach’
- Axiom launches #MyDubai photo contest
- Grammy winners to perform in Bahrain
- Craig David to perform for F1 Bahrain
- MGI to feature latest on-air graphics at Cabsat
- Jones Lang LaSalle renamed 'JLL'
- OSN to launch Discovery's TLC in Mena
- Art festival treat for Bahrain fans
- '12 Years a Slave' makes Oscar history
- Culinary Arts Dubai opens new premises
- iKoo launches digital media JV firm
- Team promotes Canton Fair in UAE