The New York Stock Exchange beat out Nasdaq to host this year's most high profile IPO. Jane Lee reports.
This year's most high profile IPO, Snap Inc., going to the New York Stock Exchange, instead of Nasdaq, a source tells Reuters. The decision follows a heated competition between the two exchanges to list the disappearing message app company which included a series of PR stunts - taking the Snap glasses up in a helicopter and down to the trading floor. It's a setback for Nasdaq, says Reuters reporter Liana Baker. SOUNDBITE: LIANA BAKER, REPORTER, REUTERS, (ENGLISH) SAYING: "It seems that Nasdaq hasn't fully recovered from the botched Facebook IPO a few years ago, and this is a sign that all the high profile tech IPOs are still gravitating towards the New York Stock Exchange. We saw it with Twitter, and now we see it with Snapchat." While the fees it would generate for NYSE would only be a few hundred thousand dollars, the IPO carries prestige that could help the exchange get more business. Sources have told Reuters Snap is hoping to value its IPO as high as $25 billion. That would make it the biggest tech IPO since Facebook in 2012. Snap's choice to list on an exchange traditionally home to the big blue chip and media companies could also be a signal of Snapchat's future direction.