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Facebook's thumbs up for Nasdaq flotation

Facebook, preparing what would be Silicon Valley's largest IPO, has picked the Nasdaq over the New York Stock Exchange (NYSE) for its listing in a major victory for the technology-laden US bourse.

One of the most coveted stock listings in recent years, Facebook's choice of its future exchange translates into a relatively small sum in annual listing fees. But it bestows major bragging rights on the Nasdaq OMX Group, already home to the likes of Apple and Google.

A spokesman for Facebook declined to comment. Nasdaq OMX and the NYSE also declined to comment.

The world's largest social network, with more than 800 million users, is aiming to raise $5bn (€3.8bn) or more in an initial public offering expected in May, and has whipped up an investor and media frenzy.

Its listing decision deals a blow to NYSE Euronext, which has waged an aggressive battle for marquee tech names in past years. Listing fees range from $38,000 to $500,000 a year on the NYSE, and run between $35,000 and $99,500 a year on the Nasdaq. (Reuters)

Irish Independent