Facebook’s highly-coveted “FB” stock will list on the Nasdaq when the company makes its public debut in May, according to a person familiar with the matter.
The listing decision marks the end of a tense and drawn out courting process between the company and numerous executives at the NYSE and rival Nasdaq. Both exchanges launched aggressive marketing campaigns to woo the multi-billion dollar listing, and have made numerous pitches to the company in recent months.
Because both exchanges’ listing fees are relatively nominal for companies with billions in revenue like Facebook, the decision was seen by many observers as a choice of branding and image. The NYSE is widely seen as the home of the traditional “blue chip” company while the Nasdaq’s reputation is more associated with Silicon Valley.
In recent years however, the NYSE has made extensive efforts to pursue what would be considered more traditional Nasdaq companies – a strategy which has won them business with internet companies like LinkedIn, Pandora, and Yelp .
While the listing decision is a key component of Facebook’s IPO process, advisors close to the company said the mechanics of the listing process will have little impact on how the company structures, executes, and markets the deal.
Facebook has filed paperwork with the Securities and Exchange Commission for a $5 billion IPO. The offering is being led by Morgan Stanley, Goldman Sachs , JPMorgan , Bank of America , Barclays, & Allen & Company. A total of 31 banks are advising on the deal.
Spokespeople from Facebook and NYSE declined to comment on the decision. Nasdaq has declined to comment as well.