Nasdaq has strengthened its position as a listings leader for the fifth consecutive year. In 2023, it welcomed 125 initial public offerings (IPOs) and 26 exchange transfers. This achievement reflects an 86% win rate of Nasdaq-eligible IPOs in the U.S. market, with a total of 100 operating companies and 25 special purpose acquisition companies (SPACs) going public and raising a collective sum of $13 billion. The more than two dozen exchange transfers also accounted for $374 billion in market value.
Expressing delight at this feat, Karen Snow, Nasdaq’s Global Head of Listings, said, “Nasdaq is delighted to be the exchange of choice for companies entering the public markets and this year welcomed the largest switch to Nasdaq of all time, the biggest IPO of the year, the largest spin switch, as well as the biggest SPAC combo switch listing.” As Nasdaq aims to advance economic progress by providing greater access to capital and increasing liquidity for its listed companies, it remains committed to its role in the market.
Nasdaq’s achievements in 2023 have been notable. It listed three of the top five largest IPOs by proceeds raised, including Arm (ARM), Instacart (CART), and Nextracker (NXT). Nasdaq has also maintained its dominance as the leading U.S. exchange for healthcare, technology, and consumer IPOs, boasting Nasdaq-eligible IPO win rates of 100%, 95%, and 79% for these sectors, respectively.
Besides the new listings, Nasdaq welcomed its largest switch to date, Linde (LIN), along with DoorDash (DASH) and Cooper Companies (COO). Since 2005, the total market value of all companies transferring to Nasdaq has surpassed $2.7 trillion. Additionally, Nasdaq facilitated several significant spin IPOs, split-offs, and dual-listings, such as GE HealthCare’s (GEHC) spin switch in January and the Atlanta Braves (BATRA) split-off from Liberty Media. In October, Euronext Paris-listed Abivax (AAVXF) completed its dual-listing and commenced trading on Nasdaq.
The trend of dual listings on global exchanges is gaining momentum, with companies like Vinfast (Vietnam), Hesai (China), Gamer (Pakistan), and Lavoro (Brazil) choosing to go public solely with Nasdaq. Providing insight in an interview with Bloomberg, Snow stated, “There is a lot of interest from global companies — a lot of interest from Chinese companies listing in the U.S., [as well as] Latin America [and] EMEA. The market is really open in the United States, and it’s very recognized.”
Looking ahead to 2024, Nasdaq anticipates an influx of companies in the IPO pipeline, with a surge in activity expected in the first half of the year as companies seek to go public prior to the upcoming U.S. elections. Snow commented, “The most admired companies and rising entrepreneurs choose Nasdaq because of our partnership approach to elevating their brand as well as our life-cycle solutions that help them navigate the markets. We look forward to celebrating their milestones and listings in our reimagined MarketSite that includes a state-of-the-art broadcast and production studio as well as a dedicated IPO center for first trade celebrations.”
