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Facebook selects Nasdaq over NYSE for listing Initial Public Offering shares


April 6, 2012 - Washington

Facebook plans to list its shares on the tech-heavy Nasdaq stock market that can be regarded as a setback to the rival New York Stock Exchange (NYSE), which had fought hard for the listing.

The move comes in the wake of Facebook being on the verge of what could be a 100-billion dollar initial public stock offering.

Facebook had filed for the largest and one of the most hotly anticipated Internet initial public offering on February 1.

Both Facebook and NYSE spokespersons declined to comment on the issue.

A Nasdaq OMX spokesperson, Joseph Christinat did not respond to a request for comment.

"Nasdaq plans to give Facebook a rare two-digit ticker "FB," PrivCo chief executiveam Hamadeh said.

He added he confirmed with two sources that Facebook would list on Nasdaq.

"It's a huge win for NASDAQ. Several weeks ago they had been leaning toward NYSE and even filed for the IPO without specifying the exchange, which is uncommon. That's how neck and neck NYSE and NASDAQ were," The Los Angeles Times quoted Hamadeh, as saying

But Nasdaq's lower fees and expertise with technology companies won over Facebook, he added.

Nasdaq lists seven of the 10 biggest U.S. tech companies including Apple, Google and Microsoft.

ANI

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