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Facebook picks Nasdaq over NYSE to list its shares
Facebook picks Nasdaq over NYSE to list its shares
By: iMedia News Bureau

Social networking site Facebook, which will soon launch its initial public offering, has zeroed in on the Nasdaq Stock Exchange to list its shares. Surprisingly, Facebook has chosen the city-based Nasdaq over the New York Stock Exchange for its listing.

Facebook will list its shares under the ticker symbol ‘FB’ on Nasdaq Companies like LinkedIn and Pandora Media chose NYSE for their listings even as technology giants like Apple and Google have preferred Nasdaq. The report said getting a company like Facebook to list on it is a "significant coup" for Nasdaq, which has been "embroiled in a battle with the New York Stock Exchange for the darlings of Silicon Valley".

The high profile IPO of Facebook, which is expected next month, has generated unprecedented interest since it is expected to be the largest offering since Google went public in 2004.The IPO could value the social network at about $100 billion and with a possible offering of $5 billion, the Facebook listing will be the largest in Nasdaq’s history, according to data from S&P Capital IQ.

Its 800 million users and $3.7 billion in revenue have made it the most popular social networking site and a magnet for advertisers. Nasdaq was the “undisputed” leader for technology IPOs till a few years ago but it has been facing competition from the NYSE, which has spent considerable energy to get upcoming internet companies on its side.

The New York Exchange offers a hybrid model that combines a floor-based marketplace with an electronic one, whereas Nasdaq is a fully electronic marketplace. The exchange is widely considered a more global brand as compared with Nasdaq but its pricing structure is more expensive than Nasdaq's.