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- Exchange extends leadership as premier venue for global capital raising and listings;
- Each of the last 25 consecutive U.S. IPOs raising $1 billion or more listed on the NYSE;
- Flawlessly executed the first NYSE Direct Floor Listing
The New York Stock Exchange (NYSE), a wholly owned subsidiary of Intercontinental Exchange (NYSE:ICE), extended its leadership as the premier venue for capital raising, finishing the year with $125 billion in proceeds raised from 356 transactions. In a year marked by elevated volatility in U.S. equity markets, NYSE issuers raised $30 billion in proceeds from 73 IPOs. The New York Stock Exchange was also the listing partner of choice for issuers seeking innovative ways to access the public markets without an IPO capital raise, including Spotify (NYSE:SPOT) and Dell Technologies (NYSE:DELL).
As the home of Exchange Traded Funds (ETFs), NYSE Arca welcomed 179 ETFs in 2018, with $11.6 billion in assets under management (AUM), extending NYSE Arca’s leadership as the largest exchange for ETFs. NYSE Arca is now home to 71 percent of total listed ETFs, representing 80 percent of total ETF assets under management.
“The New York Stock Exchange again demonstrated the superiority and durability of its market model during a volatile year, proving there is no better way for companies to raise capital, maximize value delivered to shareholders and engage with a global community of leaders than as part of the NYSE,” said NYSE Group President, Stacey Cunningham. “Our track record speaks volumes, and we are honored to have played a role in supporting a diverse group of industry and technology entrepreneurs as their companies debuted on the public market, helping to change the world through innovation and job creation.”
With leadership across multiple sectors and regions, the NYSE maintained its top global exchange ranking last year, with industry leading performance in key areas:
- IPO Leadership:$30 billion in proceeds resulting from 73 IPOs, including distinguished consumer brands such as BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) and YETI Holdings, Inc. (NYSE:YETI). NYSE extended its streak of listing the last 25 consecutive U.S. IPOs raising $1 billion or more, including ADT Inc. (NYSE:ADT), AXA Equitable Holdings, Inc. (NYSE: EQH) and VICI Properties Inc. (NYSE:VICI).
- Listing Innovation: Successfully executed the first ever NYSE Direct Floor Listing for Spotify (NYSE: SPOT), establishing a novel and powerful new mechanism for companies to go public. Dell Technologies also chose an innovative path back to the public markets without an IPO - and this time on the NYSE.
- Technology Leadership: For another consecutive year, more technology proceeds were raised on the NYSE than any other U.S. exchange, bringing the tally to 75 percent of all U.S. tech proceeds raised since 2014. New NYSE listings in 2018 include Tencent Music Entertainment (NYSE:TME), Bloom Energy Corp. (NYSE:BE), Ceridian HCM Holding Inc. (NYSE:CDAY), Eventbrite Inc. (NYSE:EB), Pivotal Software, Inc. (NYSE:PVTL), SmartSheet (NYSE:SMAR), SolarWinds Corp. (NYSE:SWI), Zuora, Inc. (NYSE:ZUO), among many others.
- International Listings: A total of 25 international IPOs during the year, raising $10 billion in proceeds, including Tencent Music Entertainment Group (NYSE:TME) from China, PagSeguro Digital Ltd. (NYSE: PAGS) from Brazil, and Hudson Ltd. (NYSE:HUD) and Farfetch Ltd. (NYSE:FTCH) from the United Kingdom (UK). The NYSE also listed 12 quotations for companies representing aggregate market capitalization of $184 billion, including Linde plc (NYSE:LIN), Nutrien Ltd. (NYSE:NTR) and Suzano Papel e Celulose S.A. (NYSE:SUZ).
Rounding out the year, Takeda Pharmaceutical (NYSE:TAK) listed its American Depositary Receipts (ADRs) on the NYSE in advance of the closing of its anticipated acquisition of NASDAQ-listed Shire. After the merger, the combined global biopharmaceutical company’s U.S. listing will be on the NYSE.
- Spin-offs & Carve-outs: Conducted 14 spin-offs, totaling $35 billion in market capitalization, including nVent Electric PLC (NYSE:NVT), Resideo Technologies, Inc. (NYSE:REZI), Veoneer, Inc. (NYSE:VNE) and Wyndham Hotels & Resorts Inc (NYSE:WH), and four carve-out IPOs, including Arlo Technologies, Inc. (NYSE:ARLO), Elanco Animal Health Incorporated (NYSE:ELAN), HUYA Inc. (NYSE:HUYA) and Livent Corp. (NYSE: LTHM), raising a total of $2.2 billion in proceeds.
- SPACs: Listed 12Special Purpose Acquisition Companies (SPACs), raising a total of $4 billion in proceeds, including GS Acquisition Holdings Corp. (NYSE: GSAH), Far Point Acquisition Corp. (NYSE:FPAC), Spartan Energy Acquisition (NYSE: SPAQ) and Churchill Capital Corp. (NYSE:CCC).
- Transfers: Welcomed new transfers including QIAGEN NV (NYSE:QGEN), Amneal Pharmaceuticals Inc. (NYSE:AMRX), and LiveRamp Holdings Inc. (NYSE:RAMP), adding to the over $1.2 trillion in equity market capitalization represented by companies who have transferred their listings to the NYSE.
The NYSE remains the only global exchange to offer a market model that combines state-of-the-art technology with human judgment and accountability to provide superior market quality for our listed companies, particularly during times of volatility. During these times of market stress, NYSE-listed companies traded with 45 percent lower volatility compared to companies listed on other U.S. exchanges - reducing costs for their investors.
“Our mission remains the same today as it has for over two centuries: to help entrepreneurs and companies access capital to grow and expand their businesses and to provide opportunities for investors to participate in their success,” said NYSE Group Chief Operating Officer and Global Head of Listings, John Tuttle. “We look forward to driving economic growth and helping more companies from around the world realize the benefits of joining the public markets so that they can access capital and achieve their goals at the NYSE.”
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