Facebook Inc., which is anticipated to go public next month, has chosen the Nasdaq for listing instead of the New York Stock Exchange, reports said Thursday.
Although the listing will not benefit Nasdaq much in financial terms, addition of the social network giant will be a matter of honor for the bourse, which in recent times saw a dip in technology listings.
While technology titans such as Apple Inc. (AAPL) and Google Inc. (GOOG: Quote) chose Nasdaq for listing, the recent firms such as LinkedIn (LNKN) and Pandora Media (P) are listed on the NYSE.
The advantage of choosing Nasdaq is that it is a fully electronic exchange, while the NYSE has the hybrid model that uses both floor and electronic methods. While the NYSE has more global recognition, it is more expensive compared to Nasdaq.
Facebook is believed to trade under the ticker symbol "FB" after an initial public offer that is expected to raise over $5 billion. Such a listing is said to be the largest for Nasdaq.
The social networking site is a dominant player in the industry with over 800 million users and revenues of $3.7 billion. The IPO is expected to value the company at over $100 billion.
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by RTT Staff Writer
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