The NASDAQ has long been associated with tech companies thanks to listings for the likes of Alphabet, Amazon and Apple, but the New York Stock Exchange has been encroaching on that turf thanks to companies like Alibaba and Square. Now you can add one more tech company to that fray as The Wall Street Journal reports that Snap Inc., who is preparing for an IPO expected to be worth around $20 billion USD, will go with the NYSE over the NASDAQ for its initial public offering.
As TechCrunch points out, the move is a big win for the NYSE as the majority of last year’s tech listings appeared on the Nasdaq. The move also signals Snapchat’s hopes for an IPO more along the lines of Twitter’s than Facebook’s as the Zuckerberg-led tech giant’s 2012 IPO saw share prices fall significantly in the weeks following its opening listing, which itself was mired in technical difficulties and delays.
After filing in private back in November of 2016, Snap is expected to go public with its filing later this week, thus giving the public its first true look at its financial state (the company supposedly has an annual revenue projection in excess of $1 billion USD). Following its public filing, Snap’s initial public offering could take place as early as March.