Alibaba Group Holding Ltd (NYSE:BABA)’s choice of the New York Stock Exchange as their exchange of choice is just the latest in a trend that is seeing tech giants making a move away from their traditional home on the NASDAQ, and into the welcoming arms of the NYSE.
While the loss of the Alibaba Group Holding Ltd (NYSE:BABA) IPO and other recent tech IPO’s is undoubtedly a blow, NASDAQ president Adena Friedman told CNBC today that their exchange is about more than just tech, and success has been found elsewhere in the market.
“Well I think that we try to define ourselves as a natural home for any company, and we compete fiercely all the time, for every company to choose to come to NASDAQ. So I think that when we look at it, we look at all of the sectors. We’ve been very strong in healthcare, very strong in tech, and in financial services this year, so our view is that we tend to attract companies from every sector, and we compete for every one,” Friedman said.
Reuters reported that sources familiar with the matter claim the botched Facebook Inc (NASDAQ:FB) IPO was cause for concern with Alibaba Group Holding Ltd (NYSE:BABA), and that the company had concerns over their ability to handle a major IPO like theirs. NASDAQ’s system was overwhelmed by the record amount of shares trading hands during Facebook Inc (NASDAQ:FB)’s IPO, which resulted in lengthy delays on some trades.
Since then, the largest tech companies to go public, Twitter Inc (NYSE:TWTR) and now Alibaba Group Holding Ltd (NYSE:BABA) have both chosen the NYSE over the NASDAQ. Friedman however downplayed that speculation.
“At the end of the day, we feel very confident that we can manage any IPO coming to our market. We certainly conveyed that confidence to them, but they can make their own independent choices based on a lot of factors I think,” Friedman said.
Alibaba Group Holding Ltd (NYSE:BABA) is scheduled to make its debut on the NYSE on Friday.
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