NEW YORK, April 7 (UPI) -- Signing up Facebook for its initial public offering is a huge win for the Nasdaq stock exchange, perhaps even a game-changer, market analysts said.
"This is a strong, substantial win for Nasdaq," said Richard Repetto of Sandler O'Neill & Partners, The Wall Street Journal reported Saturday.
Nasdaq, which competed with the New York Stock Exchange Euronext for the listing, is "no doubt a momentum builder for future listings," Repetto said.
Facebook is expected to raise about $10 billion in its IPO, which is likely to occur in May.
That would make it one of largest IPOs ever, topped by only a few.
Among U.S. companies, only Visa Inc., General Motors Co., and AT&T Wireless have raised $10 billion or more with their IPOs. Google, a Facebook rival that is also listed on the Nasdaq exchange, raised $1.9 billion with its 2004 public debut. That gave Google a valuation of $23 billion.
Facebook's IPO will put to rest a subject of fierce guesswork on Wall Street: The firm's value, which is current estimated to be around $100 billion.
That represents a substantial coup for Nasdaq, which has seriously courted California starts ups for two decades.
"The Facebook listing I've seen as being similar to the Google listing, which had a similar competition between the exchanges, and a similar win for Nasdaq, and a tremendously successful IPO for both," said Jay Frankl, senior managing director at FTI Consulting.
|Additional Business News Stories|
BRUSSELS, May 22 (UPI) --The European Union will carefully weigh the risks of shale gas development this year but also needs to stem high energy prices, the EU's energy chief says.
SANTIAGO, Chile, May 21 (UPI) --More than $4 billion of cash reserved for Chilean military procurement remains unspent because of mysterious workings of funding arrangements.