"Alibaba picks NYSE for largest US IPO" by Leslie Picker and Sam Mamudi | Bloomberg News June 27, 2014
NEW YORK — Alibaba Group Holding plans to list its shares on the New York Stock Exchange, cementing the 222-year-old market’s newfound strength in technology companies.
The decision is a blow to the Nasdaq Stock Market which was competing to become the venue for what could be the largest-ever IPO in the United States.
For Alibaba, picking Intercontinental Exchange Inc.’s NYSE would also make it a standout on the Big Board as the third-largest technology company listed there. With an estimated value of about $168 billion, according to a survey of analysts in April, Alibaba would rank behind only IBM Corp. and Oracle Corp. among technology companies listed on the NYSE, data compiled by Bloomberg show.
‘‘Alibaba is probably going to be a big offering, so they want somebody that they think can control it better and avoid the headache Facebook had,’’ said Frank Ingarra, head trader at Greenwich, Conn.-based NorthCoast Asset Management.
Already took a cut.
"While Nasdaq, which is the listing venue for Google Inc., Apple Inc., and Alibaba shareholder Yahoo! Inc., was once the obvious choice for an Internet upstart, NYSE has been chipping away at its lead. Out of the 10 technology and Internet IPOs that priced during the first quarter in the U.S., seven chose to list on the NYSE, according to data compiled by Bloomberg.
Besides the reputational gain from winning Alibaba, money is at stake, too, as NYSE and Nasdaq collect fees from their listed companies. A high-profile win such as Alibaba could help lure other companies to a venue."
Hope that lifts you up.
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Related: Yahoo For Alibaba
What a bang, huh?
