U.S. exchanges rent helicopters and drape banners in competing to host Snapchat's initial public offering. Jane Lee reports.
The New York Stock Exchange and Nasdaq duking it out and going all out to reel in this year's crown jewel listing - Snap Inc. Nasdaq hiring this helicopter late last year to showcase those hip Snapchat sunglasses. Using them to film the Manhattan skyline and broadcasting the video online. Reuters M&A reporter Liana Baker says the exchange didn't just do that out of the kindness of its heart. SOUNDBITE: LIANA BAKER, M&A REPORTER, REUTERS (ENGLISH) SAYING: "Snapchat's IPO will be the biggest one since Alibaba and Facebook in the U.S. so it's really the big listing to win. That could make or break Nasdaq and NYSE's year. It could also lead them to get other big listings. We're expecting Uber and Airbnb down the road so having Snapchat in their cap would really help their efforts later." Snapchat could fetch a cool $25 billion valuation in its public debut - which would mean a lot of fees and prestige for the exchange that nabs it. The New York Stock Exchange in November draped a large bright yellow banner to let world know it had a Snapchat account. Then arch rival Nasdaq upped the ante with its helicopter stunt. Then, that same day, the New York Stock Exchange, not to be outdone -- although perhaps it was -- tweeted out a video from the ground floor of its exchange using the Snapchat Spectacles.