Building upon the record number of listings in the first quarter, Nasdaq has extended its listings leadership to 30 consecutive quarters, welcoming 410 initial public offerings in the first half of this year and raising a total of $106 billion – the highest amount of proceeds raised on record since 2008.
Of the 410 listings during the first half of the year, 167 were operating companies, representing a 77%-win rate in the U.S. market.1 Nasdaq also solidified its presence with Special Purpose Acquisition Companies (SPACs), welcoming 68% of all SPAC IPOs, raising $61 billion, and 61% of all SPAC business combinations, including SoFi (SOFI) and 23AndMe (ME).
Beyond operating companies and SPACs, 16 companies transferred their corporate listing to Nasdaq, including Honeywell (HON). Furthermore, Nasdaq held the largest direct listing among all exchanges, welcoming Coinbase (COIN) with $65 billion in market cap.
“It’s been a record-breaking year for U.S. initial public offerings, with many significant milestones for Nasdaq that include welcoming the largest direct listing in history and Honeywell, a Dow 30 company,” said Nasdaq Stock Exchange President Nelson Griggs. “We’re proud to offer companies more tracks to join the public markets and reach investors, and we are continually enhancing existing as well as innovating new ways through developments in IPOs, direct listings and SPACs.”
Notably, six of the ten largest IPOs by proceeds raised listed on Nasdaq this year, including:
- Bumble (BMBL), the largest technology IPO—raised $2.2 billion
- Applovin (APP), a mobile app technology company, which raised $2 billion
- Shoals Technologies (SHLS), a provider of electrical balance of system solutions for solar energy, which raised $1.9 billion
- Playtika (PLTK), a gaming company, which raised $1.9 billion
- Qualtrics (XM), a software technology company, which raised $1.6 billion
- Soaring Eagle Acquisition (SRNG), a SPAC, which raised $1.5 billion
More broadly, Nasdaq continued to be the leading U.S. exchange for technology, consumer and healthcare IPOs, with win rates of 62%, 66% and 92%, respectively. Nasdaq also continued to dominate biotechnology and pharmaceutical listings, winning 98% of all IPOs. Nasdaq has backed biotech companies for 50 years and counting, and we are proud to be the #1 exchange for healthcare listings.
During a recent interview with Barron’s, Nasdaq President and Chief Executive Officer Adena Friedman said that she credits Nasdaq's success to years spent building relationships with companies in their infancy and helping them grow to the point of a public offering.
1 Source: Nasdaq data. As of June 30, 2021.