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LinkedIn to Issue IPO on NYSE

Announcement is a coup for the Big Board
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Networking site LinkedIn said in a filing on Wednesday that that it would list its IPO on the New York Stock Exchange, reported the New York Times’ Deal Book. Last month, LinkedIn said that it was still deciding whether to list its shares on Nasdaq or the NYSE when it goes public, which it’s expected to do later this year.

The announcement is a big advantage for the NYSE, which is currently embroiled in a takeover battle. The Nasdaq OMX Group recently partnered with IntercontinentalExchange to issue a hostile $11 billion bid for NYSE Euronext, which the NYSE refused. The competition between Nasdaq and the NYSE is expected to continue as several other major Internet companies like Facebook and Groupon prepare their IPOs.

In the past, Nasdaq has been popular with smaller tech companies because of its flexible listing requirements, Morgan Keenan managing director Peter Falvey told Deal Book. But the NYSE has been gaining ground—Chinese social networking company Renren also listed its shares on the Big Board this week—which Falvey attributed to its ability to offer greater branding prestige.