NEW YORK, USA – As 2023 winds to a close, the New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), announced that it led the industry in listing transfers for a second-straight year as the NYSE continued to drive value for its unparalleled community of listed companies. Those transfers included Fiserv (NYSE: FI), the second-largest listing transfer in NYSE history.
The exchange reported 32 listing transfers in 2023, the second-highest total since 2002, bringing $120 billion in new market capitalization to the exchange. Of those, 20 were operating companies, nearly triple the number of operating companies transferring to competing exchanges. Notably, the median market capitalization for all transfers to the NYSE was five times larger than those to other exchanges.
In addition to Fiserv, Expeditors International of Washington (NYSE: EXPD) and Coherent (NYSE: COHR) ranked among those moving their listings to the NYSE. Globally, CRH PLC (NYSE: CRH) and AngloGold Ashanti (NYSE: AU) switched their primary listings to the NYSE, as more international companies seek the prestige and advantages of an NYSE listing. Flutter Entertainment, the operator of FanDuel, among many other brands, also announced its intent to list its shares on the NYSE in 2024.
More than 300 issuers have transferred their listings to the NYSE since 2000, representing more than $1 trillion in market value.
The NYSE represents the gold standard for aspiring public companies, many of which cannot meet the exchange’s stringent listing standards. In 2023, for example, 70% of the year’s U.S. IPOs did not qualify to list on the NYSE. Even so, the exchange was still home to nearly half of the year’s proceeds raised, including two of the three largest IPOs of the year, Kenvue (NYSE: KVUE) and Birkenstock (NYSE: BIRK). In addition, the NYSE led the industry with 15 spinoffs in 2023, the most of any exchange since 2016, adding $40 billion in market capitalization. As IPO conditions begin to improve, the NYSE looks forward to a robust pipeline of companies planning to list on the exchange.
The NYSE welcomed many global and U.S. leaders to its iconic 11 Wall Street home during the year, including Thai Prime Minister Srettha Thavisin, Vietnam Prime Minister Pham Minh Chinh, U.N. Ambassador Linda Thomas-Greenfield, former House Speaker Kevin McCarthy and Secretary of Commerce Gina Raimondo, who met with listed-company CEOs to discuss key economic topics.
“The unparalleled value of an NYSE listing was front and center once again in 2023, highlighted by the companies that chose to both transfer and list here,” said Michael Harris, Global Head of Capital Markets for the New York Stock Exchange. “Not every company can qualify to list on the NYSE, but those that do can look forward to becoming members of a one-of-a-kind community that sets the pace for innovation on a global scale. As market conditions continue to improve, we look forward to welcoming many other leading companies from around the world to the NYSE.”
In a record-setting year for ETP growth, NYSE Group surpassed 2,000 ETP listings and added over 293 new ETP funds. Across the NYSE and NYSE Arca equity exchanges, NYSE Group is home to ETP listings accounting for a total of over $5 trillion in assets under management.
In late 2023, the NYSE completed the multi-year migration of all NYSE equity and options exchanges to its best-in-class trading technology platform, known as NYSE Pillar. This upgrade brought all NYSE markets onto one of the world’s most powerful and resilient technology stacks, resulting in significant benefits for both issuers and market participants. The NYSE also debuted a new program, NYSE LaunchPad, which assists startups on their growth journeys by leveraging ICE’s and the NYSE’s enterprise technology and technological expertise.
The NYSE’s role at the center of the world’s capital markets was on full display throughout 2023, holding major events across key business topics for issuers and investors. This included the first annual NYSE Sustainability Leaders Summit, convening over 125 sustainability leaders from the NYSE community. In another first, the NYSE held its inaugural European Investor Conference in collaboration with Bank of America Securities. The London-based event brought together major European investors and leading NYSE-listed companies. Additional key events at 11 Wall Street included the NYSE Annual Tech Summit, which brought together business leaders and government officials for unique discussions on topics ranging from AI to cybersecurity. The NYSE also hosted the annual IPO Summit, assembling senior leaders and expert advisors to share strategies and ideas around preparing for the public markets.
