Nasdaq and NYSE have been going head to head to host Snapchat's IPO. Experts say the contest is less about the fees exchanges generate from such listings than it is about bragging rights.
The popular messaging service is just one of many private technology companies expected to go public in the next year or two, including peer-to-peer lodging company AirBnB Inc and streaming music service Spotify Ltd. "Competition among the exchanges is fierce and winning large, marquee companies can have a halo effect that results in future listings business," said Alex Wellins, co-founder of IPO advisory and investor relations firm Blueshirt Group. Snapchat is discussing a potential listing with both Nasdaq and NYSE, which is owned by Intercontinental Exchange Inc, and has not made a decision yet, people familiar with the situation told Reuters. Snapchat, Nasdaq and NYSE declined to comment.