Google has announced plans to list its $2.7 billion IPO on Nasdaq, bipassing the New York Stock Exchange.
According to Rueters report, Nasdaq and the NYSE were both aggressively courting Google while niether market could give any info as to why Google chose Nasdaq over the NYSE.
Google’s decision to list on the Nasdaq gives the market a psychological lift. The Nasdaq has struggled to differentiate itself from the more dominant Big Board, and to that end has rolled out multiple business initiatives in recent months designed to challenge its largest rival.
Given the significance of the announcement, the Nasdaq was restrained in its response. Bethany Sherman, a Nasdaq spokeswoman, said the market “typically does not comment on pending IPOs.”