Nasdaq Sale Raises More Than $330 Million
- Share via
The Nasdaq Stock Market said Tuesday that it raised more than $330 million through the sale of about 24 million shares of new common stock in the first phase of the market’s planned private placement.
That sale, which represents a 40% stake of the market, was about 83% oversubscribed, with more than 2,800 subscriptions--principally from Nasdaq brokerages--accepted in a process that is expected to close by June, once regulators give final approval.
Nasdaq’s parent, the National Assn. of Securities Dealers, will hold about 22% of the market after the two planned phases of private placements, a process that is expected to raise more than $1 billion. The general public, however, isn’t being offered Nasdaq shares.
The second private-placement phase is likely to get underway in the fall. Total proceeds will be used to upgrade Nasdaq’s technology and modernize auditing practices of its member firms.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
