Post on 10-Apr-2018
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved.
Status of NASDAQand the IPO Market
Demetrios N. SkalkotosVice President
The NASDAQ Stock Market
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved.
A Market that Works for InvestorsNASDAQ provides an open, transparent and competitive platform toenable buyers and sellers to efficiently interact and access pools ofliquidity.
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 3
Number of listed companies = 3,285Number of listed companies = 3,285
Market Cap. = $2.98 TrillionMarket Cap. = $2.98 Trillion
2003 share volume = 425 Billion2003 share volume = 425 Billion
NASDAQ Trades More Shares than any otherMarket or Exchange
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 4
Since 1998 (to YTD 2004), the total number of
publicly-traded companies on listed US markets is down 24%.
0684829 47 4
4109
66
0 28114 02
2862 2798 278 27 27 2
770 769 76 691 698 700 676
1998 1999 2000 2001 2002 200 2004
NASDAQ
NYSE
AMEX
Total Listings by Market
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 5
ConsumerDiscretionary
13%
Energy2%
Financials22%
Health Care17%
Industrials
10%
InformationTechnology
28%
Materials2%
Utilities1%
TelecommunicationServices
2%Consumer Staples
3%
NASDAQ National Industry Leaders
*Includes Companies included in NASDAQs Dual Listing Program
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved.
IPO Overview
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 7
Includes domestic and foreign IPOs on NASDAQ (NNM and SCM), NYSE and AMEX, best-efforts and bank demutualizations.
Excludes unit investment trusts and fully classified closed-end funds.
* As of Sept 20th, 2004.
Source: NASDAQ, EquiDesk
Annual Total Initial Public Offerings
Total Number of IPOs
5
6
5 9 55
6
6
6
544
45
9
6
99 99 994 995 996 99 99 999 4*
After three very slow years, the IPO market is picking up; there have already been 1 2 IPOs that haveraised over $25 Billion in 2004 (up over 300% from 2003). There are currently over 150 registrations for
IPOs filed and pending.
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 8
Include all domestic and foreign common stocks.
* As of Sept 20th, 2004.
Source: NASDAQ, EquiDesk, FactSet Research Systems, Inc.
S-1 Flied
Priced
SEC Filings for IPOs
Number of Companies Filing Registrations for New Stock Offerings.
1 1 1
1
1
1
1
1
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 9
NASDAQ
NYSE
NASDAQ is the MarketPlace for IPOs
Since 1992, NASDAQ has captured 83% of the IPO market.
Number of IPOs by Market
AMEX
44
5
4444 6
6
494 4 6
9
6 5 569 6 4 4 4 5 49 6 4 46
99 99 994 995 996 99 99 999 4*
Includes domestic and foreign IPOs (NNM and SCM), best-efforts and bank demutualizations. Excludes unit investment trusts and fully classified closed-end funds.
* As of Sept 20th, 2004.
Source: NASDAQ, EquiDesk
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 10
IPO Market Value of NASDAQ-Listed Companies
Number of NASDAQ Issues by IPO Market Value
Greater than $ Billion
Between $ Million and $ Billion
Below $ Million
Includes domestic and foreign IPOs (NNM and SCM), best-efforts and bank demutualizations. Excludes unit investment trusts and fully classified closed-end funds.
* As of Sept 20th, 2004.Source: NASDAQ, EquiDesk, FactSet Research Systems, Inc.
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 11
Consumer
Energy & Utilities
NASDAQ-Listed IPOs by Industry
Types of companies that are going public has changed over the last five years.
Number of NASDAQ-Listed IPOs by Sector
Financials
Health Care
Industrials
Telecom & Technology
2000 2002
2001 2003 200
2
0
22 3
2
1
1
1
1
11
3
23
2
3
10
2
12
13
Includes domestic and foreign IPOs (NNM and SCM), best-efforts and bank demutualizations. Excludes unit investment trusts and fully classified closed-end funds.
* As of Sept 20th, 2004.Source: NASDAQ, EquiDesk
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 12
Date: February , 200 Austin, TX
Total shares offered: 10 Million shares @ $13.00
Lead Underwriter: Morgan Stanley
Central Region: Recent IPOs
Source: Equidesk, as of 08/19/2004, FastSet Research Systems, as of 8/19/2004
Recent Texas IPOs:
Date: January 13, 200 Dallas, TX
Total shares offered: 2.31 Million shares @ $1 . 0
Lead Underwriter: A.G. Edwards & Sons, Inc.
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 13
Date: June 2 , 200 Austin, TX
Total shares offered: Million shares @ $10.00
Lead Underwriter: J.P. Morgan Chase & Co.
Central Region: Recent IPOs
Recent Texas IPOs:
Date: June 23, 200 Houston, TX
Total shares offered: Million shares @ $ . 0
Lead Underwriter: Friedman Billings Ramsey
Date: July , 200 Addison, TX (Dallas Area)
Total shares offered: 8.17 Million shares @ $1 .00
Lead Underwriter: Piper Jaffray
Source: FastSet Research Systems, as of 8/19/2004
Date: August 1 , 200 Sugar Land, TX
Total shares offered: .72 Million shares @ $11. 0
Lead Underwriter: eefe, Bruyette & oods
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved.
Listing on NASDAQ
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 15
Market Structure
Superior Trading Characteristics (based on SEC 11ac1-5 data)
Open, Competitive Market Delivering Best Executions for Investors
Greater Visibility
More Analyst Coverage (Multiple Market Maker System)
Better Services and Support
Insight and Analysis Tools for Trading, Ownership and Peer Comparisons
Superior Value for isting $
isting ees are less on NASDAQ vs. NYSE
Why do Companies list on NASDAQ?
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 16
NASDAQ National Market Listing Requirements
1 For Initial listing under Standard 3, a company must satisfy one of the following: the market value of listed securities requirement or the total assets and the total revenuerequirement. Under Marketplace Rule 4200(a)(19), listed securities is defined as securities quoted on NASDAQ or listed on a national securities exchange.
2 Seasoned companies (those companies already listed or quoted on another marketplace) qualifying only under market value of listed securities requirement of Standard 3 mustmeet the market value of listed securities and the bid price requirement for90 consecutive trading days prior to applying for listing.
3 Publicly held shares is defined as total shares outstanding less any shares held by officers, directors or beneficial owners of10% or more.4 R ou nd l ot ho lder s ar e c ons ide re d h ol de rs of 100 shares or more.
5 An Electronic Communications Network (ECN) is not considered a market maker for the purposes of these rules.6 Marketplace Rules 4350 and 435 1.
NASDAQ National Market Listing Requirements
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved. 17
$0
$100,000
$200,000
$300,000
$H
00,000
$I
00,000
1I
10 1I
20I
0 100 200 Max.
NYSE Initial Fees
NASDAQ Initial Fees
NYSE Annual Fees
NASDAQ Annual Fees
Shares Outstanding (Millions)
Comparative Listing Fees
Source: Domestic listing fees for NASDAQ and NYSE; based on NASDAQ fees as of 01/02 and NYSE as of 01/03.
Initial & Annual Listing Fees ORIGINAL LISTING FEES[1] CONTINUING ANNUAL FEES [2]NASDAQ NASDAQ
SHARES National National
(MILLIONS) Market NYSE Market NYSE [3]
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Source: Domestic listing fees for NASDAQ and NYSE; based on fees as of January 20 03.
NASDAQ has lower listing fees for all levels of shares outstanding
Listing Fees
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Copyright 2004, The Nasdaq Stock Market, Inc. All rights reserved.
Status of NASDAQand the IPO Market
Demetrios N. SkalkotosVice President
The NASDAQ Stock Market