Nasdaq’s Switch Momentum Stays Strong Heading into 2021
In a year where access to the capital markets was more crucial than ever, Nasdaq continues to welcome leading companies from across all sectors, including consumer, technology, and energy. In recent years, more than 390 companies worth over $1.9 trillion in market cap have switched to Nasdaq. In 2020, 21 companies, such as Keurig Dr Pepper, AstraZeneca, AEP, and Host Hotels, switched their corporate listings with a combined market value of $288 billion.
In addition to exchange transfers, we are proud to have welcomed 316 IPOs, raising a total of $80.9 billion. For 2020, Nasdaq’s top IPOs by proceeds raised include Airbnb ($3.49B), Royalty Pharma ($2.17B), and Warner Music Group ($1.92B).
2020 was a transformative year for the public markets – it was also the largest year for IPOs on Nasdaq in the past decade by number of listings and proceeds raised.
Nasdaq’s performance in 2020 speaks to our unwavering commitment to our issuers. We strive to create long-term partnerships, and we remain exceptionally focused on issuer advocacy for all public companies. We continue to work with the SEC on various initiatives as part of our multi-year to enhance the US capital markets. Our collective efforts in 2020 led to the SEC’s overhaul of proxy voting rules and modernization of the shareholder proposal process. Additionally, we recently submitted a proposal to the SEC seeking approval of new listing requirements for board diversity. We continue to invest in our services to help issuers understand and engage with shareholders through expertise, data and technology across equity markets, investor relations and governance.
We remain active in 2021 with three companies completing their transfer to Nasdaq so far: Clover Health Investments, ChampionX Corporation, and Medley Capital Corporation, who will change their name to PhenixFIN Corporation.
Companies that switch to Nasdaq attribute their decision to the following key drivers:
Advantages of a Nasdaq Listing:
- Comprehensive support and corporate services
- Our uniquely curated visibility platform
- Ease of transfer process
- Cost savings
After making the switch to Nasdaq, stocks see improvements in intraday volatility, tighter spreads, liquidity and the close.
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J.R. Mastroianni
Nasdaq
J.R. Mastroianni is Head of Exchange Transfers within Capital Access Platforms at Nasdaq, where he leads the team advising publicly traded companies not currently listed on Nasdaq on the strategic benefits of transferring their listing. During J.R.’s tenure, he and his team have led more than 500 listing transfers to Nasdaq, representing over $4 trillion in cumulative market capitalization. This includes Walmart—the largest company to ever switch exchanges—as well as industry leaders such as PepsiCo, Marriott International, Palantir Technologies, Shopify, Regency Centers, and Analog Devices.
Read J.R.'s Bio