Nasdaq overtakes NYSE in record year for IPOs

The Nasdaq logo is displayed at the Nasdaq Market website in Times Square in New York
FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market website in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon

December 6, 2021

By Sohini Podder

(Reuters) – Nasdaq Inc is aiming to beat rival the New York Stock Exchange (NYSE) in this year’s initial public offering (IPO) that has seen companies raised record capital through new stock sales in the United States.

Nasdaq has raised a total of $191.38 billion through its IPO in 2021, compared with $109.25 billion raised at the NYSE, according to data from Dealogic.

For the past few decades through 2019, with the exception of a few years during the dot-com bubble, the NYSE was in the lead in terms of new listings. So far in 2021, 686 companies list on Nasdaq, while 265 companies list on the NYSE.

The Nasdaq rush was led by a number of well-known stock market debuts, including the IPO of electric vehicle maker Rivian Automotive Inc, backed by Amazon, the biggest IPO of the year.

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Of the capital raised, special purpose acquisition company (SPAC) IPOs accounted for $96.76 billion in capital at Nasdaq while traditional IPOs raised $94.63 billion. At the NYSE, the numbers are $56.27 billion and $52.9 billion, respectively.

SPACs are listed shell companies formed with the intention of merging with a private entity at a later date, in an attempt to take it public by bypassing a traditional IPO.

Nasdaq says it is on track to end the year with its highest number of US exchange listings in 20 years – 4,133 operating companies, SPACs and exchange-traded funds (ETFs).

This exceeds the exchange’s 2001 milestone of 4,109 listings.

With just a few weeks to go until the beginning of the year, US IPOs will total $301.26 billion in 2021, surpassing last year’s record of $168 billion, according to Dealogic.

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(Reporting by Sohini Podder in Bengaluru and Echo Wang in Albuquerque, New Mexico; Editing by Shailesh Kuber) Nasdaq overtakes NYSE in record year for IPOs

Bobby Allyn

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