An epic battle is in the works. Much as investment bankers are vying for the hottest IPO of the year, New York’s two major stock exchanges are aiming to win the most coveted listing in the pre-IPO market: Facebook. According to the NY Post, ‘the race so far may be too close to call.’ Nobody has a dominant position.
What’s interesting is that Facebook appears to be more a prestige play, according to Larry Tabb, founder of advisory firm Tabb Group. The NY Post reports:
‘Facebook won’t significantly change the listing revenues for these companies but there could be a real halo effect wherein other companies decided to list with whichever wins Facebook,’ Tabb noted.
Facebook hasn’t made a choice yet, but it has indicated the ticker symbol it will use: FB.
Both NYSE and NASDAQ have been pushing hard for the Facebook listing, including delivering pitches to Facebook’s CFO, David Ebersman.
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Source: NY Post