Twitter Inc.’s decision to list on the New York Stock Exchange is a victory for the Big Board that opens the door for more Internet listings.
Twitter, which announced the decision in a regulatory filing yesterday, joins Pandora Media Inc., LinkedIn Corp. and Yelp Inc. as Internet companies that chose the NYSE since 2011. While Nasdaq OMX Group Inc. scored a coup by landing the Facebook Inc. initial public offering in 2012, its reputation was tarnished by a software malfunction that delayed trading for the social network. Competition for IPOs is critical for both exchanges, which get about a fifth of revenue from listing fees.
The 25 U.S. technology and Internet IPOs through yesterday raised $3.9 billion, according to data compiled by Bloomberg.
While there are 13 exchanges among the 50-some venues that trade stocks in the U.S., NYSE and Nasdaq are currently the only two that list companies.