Nasdaq's IPO Process

provides transparency and efficiency through proprietary technology.

This Solution Helps

  • Private Companies
  • Founders
  • Entrepreneurs
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Understanding the IPO Process

For 50 years, Nasdaq has been a leader in the exchange space through our technology innovation.

We built our IPO process in partnership with the investment banking community, ensuring that they have the control and information they need to successfully open your IPO.

 

 

 

“Let’s Go for It”: Going Public During a Global Pandemic

 

Despite the uncertainty surrounding the coronavirus pandemic, Nasdaq has shifted to virtual IPOs and remote first trades to enable companies to facilitate their initial public offerings in a safe and healthy environment.

Jordan Saxe, head of healthcare listings at Nasdaq, explains Nasdaq’s “Modern Day IPO” and how we support a successful IPO debut during the pandemic.

ZoomInfo Founder and CEO Henry Schuck shares what it was like to go public in the midst of a global pandemic -- and why doing so virtually made it even better in some ways. Read the Q&A here.

We trusted the Nasdaq team. They’re very technology-forward and they understood the value of our software. We needed to partner with a smart team of technologists and marketers who could make that a reality despite all of our employees being remote, and Nasdaq gave us that confidence.
Henry Schuck, Founder and CEO, ZoomInfo
IPO Pricing Graph

Benefits of Listing with Nasdaq

Proprietary Technology

Nasdaq’s best-in-class technology, the Bookviewer, provides a real-time view of order data during the book building process for the first trade launch.

Transparency

The stabilization agent has access to the full order book on their desktop to help them determine the optimal time to open the stock and provide the necessary liquidity to match buyers and sellers.

Efficiency

The Nasdaq IPO Execution Officer communicates with the stabilization agent, the full syndicate, and the rest of the "street" to keep them informed throughout the book building process prior to the first trade.

Nasdaq Market Makers
Nasdaq Market Makers
40+
on average who actively trade and provide liquidity to buyers and sellers to reflect the current market conditions.
Chris Dearborn 10X Genomics IPO
Who are Nasdaq Market Makers?
When companies list on Nasdaq, there are registered Market Makers who are actively trading and providing liquidity to buyers and sellers to reflect the current market conditions.

Nasdaq Market Makers
40+
on average who actively trade and provide liquidity to buyers and sellers to reflect the current market conditions.
Jay Heller

We believe in transparency and efficiency. To be truly efficient, we have modernized the process by leveraging technology and taking the middle-man out of the equation.

Jay Heller, VP, Head of Capital Markets
Recent IPOs with Nasdaq
2021 IPO Win Rate
76%
Our IPO leadership extended to 32 consecutive quarters in the U.S. with a 76% win rate for operating company IPOs.
Vimeo
Our Network of Industry Leaders
Bumble, AppLovin, Shoals Technologies Group, Playtika Holding, Qualtrics International. Align with industry innovators and category creators. You're in great company at Nasdaq.
Learn More
2021 IPO Win Rate
76%
Our IPO leadership extended to 32 consecutive quarters in the U.S. with a 76% win rate for operating company IPOs.
Behind the Scenes of a Virtual IPO
Nasdaq's Modern Day IPO
There is no limit to where we can operate from. Although this pandemic was unexpected and unprecedented, from a resiliency and execution protocol, nothing has changed in the IPO process.
Jay Heller, VP, Head of Capital Markets
From Ringing the Bell to First Trade: Behind the Scenes of a Virtual IPO
Go behind the scenes of a virtual IPO with Jay Heller, head of capital markets and IPO execution at Nasdaq.
Learn More

FAQs

Companies go public to raise capital and provide liquidity. The capital can be deployed for potential growth and expansion opportunities. Listing their shares on the exchange provides liquidity to early shareholders and investors.
The main difference between a direct listing and an IPO is that a company does not raise capital with a direct listing. When a company decides to go public, there are typically existing shareholders including founders, employees, and various early stage investors who seek liquidity. Both an IPO and a direct listing enable these investors to have the opportunity to sell their shares. In an IPO, there is a lock-up period—typically 180 days—in which shareholders are restricted from selling outside of the initial public offering. In a direct listing, there are no lock-up restrictions.
At Nasdaq our “Modern Day IPO” process leverages data and technology to open IPOs electronically and remotely. Even when physical trading floors were closed during the pandemic, Nasdaq used its same technology to launch IPO first trades in coordination with the lead underwriter to provide best-in-class IPO execution.
The Bookviewer is Nasdaq’s state-of-the-art technology platform that allows a stabilization agent 100% of the aggregated order book. All the information provided by the Bookviewer helps to enable the lead bank to efficiently open an IPO on the Nasdaq Stock Market.
At Nasdaq, we believe in transparency and a marketplace where investors can compete for the best price. We provide this information through our Bookviewer technology, an innovative web-based solution designed to help banks mitigate volatility and ensure the security opens at the right price.

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