Nasdaq, Inc. NDAQ shares face a downward trend following a significant secondary offering. Borse Dubai unleashed 26.956 million common shares on the market at $59 each, causing a ripple effect on Nasdaq’s market value.
Borse Dubai sweetened the deal by granting underwriters the option to snap up an additional 4.04 million shares of Nasdaq, exacerbating the impact of the secondary offering.
Despite the share bonanza, Nasdaq keeps a hands-off policy, clarifying that they are not part of the offering and will not benefit financially from it. The entire capital raised through the offering will thus flow into Borse Dubai’s coffers.
Further Context: Nasdaq’s prominent role in IPO listings positions it as an attractive hub for tech and global firms, a competitive edge it maintained over NYSE back in 2023.
The curtain on this offering will fall on March 22, 2024, contingent on smooth sailing in terms of customary closing processes.
Post the completion of the secondary offering, Borse Dubai is poised to hold approximately 62.4 million Nasdaq shares, translating to a 10.8% stake in the company’s outstanding shares.
Should underwriters seize the opportunity to purchase additional shares in full, Borse Dubai’s stake will hover around 58.3 million shares, representing a robust 10.1% chunk of Nasdaq’s equity pie.
Market Reflections: NDAQ shares are currently down 3.86%, trading at $60.05 in premarket activities this Wednesday, responding to the aftermath of the secondary offering by Borse Dubai.
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