Hong Kong set to lose IPO crown to Nasdaq, thanks to ride-hailing app Lyft
- Nasdaq is poised to become the leading IPO market worldwide in the first quarter
- The New York Stock Exchange could emerge as the world’s top market for listings later this year with an expected debut by Uber Technologies
- Cryptocurrency play Bitmain cancels share sale in Hong Kong amid lay-offs and leadership reshuffle
Nasdaq is set to dethrone Hong Kong as the world’s No 1 market for initial public offerings, thanks to Thursday’s US$2.4 billion listing of ride-hailing firm Lyft, just as the world’s biggest maker of bitcoin mining rigs, Bitmain Technologies, called off its application to list in the city on Tuesday.
Lyft, the second-largest ride-hailing company in the United States, would bring total funds raised through new share listings this year on the New York bourse to US$4.1 billion.
The firm could have a valuation of up to US$23.3 billion if its shares are priced at the top end of an indicated range, making it one of the largest US tech offerings in terms of valuation, according to Dealogic.
In comparison, Hong Kong‘s main board has raised the equivalent of US$2.5 billion in new listings, while the Shenzhen Stock Exchange took in US$1.67 billion and the Shanghai Stock Exchange US$1.41 billion, according to KPMG. Meanwhile, the New York Stock Exchange has seen US$770 million worth of listings this year.
Still, the New York exchange could emerge as the world’s top market for listings later this year when Uber Technologies, the largest ride-hailing company in the US, is expected to debut with a valuation as high as US$120 billion.
