Tomahawk, WI 09/17/2014 (Basicsmedia) – NASDAQ 100 (INDEXNASDAQ:NDX) President, Adena Friedman, has stated there is no love lost for Alibaba Group Holding Ltd (NYSE:BABA), despite losing out on what is believed to be the biggest IPO in history. During an interview on CNBC, Friedman reiterated that Alibaba had it’s own reasons, of why it opted to go with the New York Stock Exchange.
Friedman emphasized that Alibaba Group Holding Ltd (NYSE:BABA) coming into the market creates a big opportunity for the two markets to grow, despite the fact that the level of competition is also set to go a notch higher.
“[…] It is always a disappointment to lose an IPO and Alibaba Group Holding Ltd (NYSE:BABA) is obviously a big company coming into market, but we obviously see this as a great opportunity for the markets. If Alibaba can have a strong performance, it creates a nice tail for the rest of the year, so we are looking forward to seeing how it do. We wish them very well,” said Mrs. Friedman.
NASDAQ’s team according to Friedman did all that was needed in terms if wooing Alibaba into joining the index having also met with Alibaba’s Chairman, Jack Ma. Facebook Inc. (NASDAQ:FB)’s debacle of 2012 has been’ rumored as one of the main reasons why Alibaba Group Holding Ltd (NYSE:BABA) opted to go with the New York Stock Exchange as opposed to the NASDAQ.
Friedman quashed claims that the 2012’s Facebook debacle had anything to do with Alibaba opting to go with the NYSE. NASDAQ had been’ accused of availing Facebook’s IPO information to some analysts and not ordinary investors. Alibaba has consequently learnt from Facebook Inc. (NASDAQ:FB) and Twitter Inc. (NYSE:TWTR) IPOs flaws, and consequently looks set to hold one of the most successful IPO in history.
NASDAQ was in the past the darling of big tech companies such as Google Inc. (NASDAQ:GOOG), Amazon.com, Inc. (NASDAQ:AMZN) and Facebook Inc. (NASDAQ:FB) which opted to go with it as opposed to the NYSE. Times have changed, and it seems the New York Stock Exchange is gaining the upper hand as it has paid host, to some of the most recent IPOs of the likes of LinkedIn Corp (NYSE:LNKD) Twitter and now Alibaba Group Holding Ltd (NYSE:BABA).
“I think we try to define ourselves as a natural home for any company and we compete fiercely all the time for every company to choose to come to NASDAQ,” said Mrs. Friedman.