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Stock of Nasdaq Drops After Stock Exchange Parent Offers $1.6 Billion

March 20, 2024
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On Wednesday, Nasdaq Inc.'s common stock experienced a decline of 2.4% following the announcement that its parent company, the Nasdaq stock exchange, had priced a stock offering from one of its major shareholders, Borse Dubai.

This offering comprised 26.97 million shares, set at a price of $59 per share, resulting in a total raise of approximately $1.6 billion. Nasdaq's stock, identified by the ticker symbol NDAQ, saw premarket trading activity with around 115,000 shares exchanging hands, positioning it as one of the more actively traded equities.

Despite the offering, Borse Dubai will retain ownership of 62.4 million shares, representing approximately 10.8% of Nasdaq's total outstanding shares. Following the completion of the offering, Borse Dubai will stand as Nasdaq's second-largest shareholder.

Essa Kazim, the Group Chief Executive of Borse Dubai, expressed that the offering is expected to bolster the capital structure and liquidity of the Middle East stock exchange.

Morgan Stanley and Goldman Sachs & Co. LLC have been appointed as joint lead book-running managers for the stock offering, while JPMorgan serves as the capital markets adviser to Nasdaq.

Furthermore, as part of the agreement, Borse Dubai has committed not to divest any additional shares in Nasdaq for a duration of 18 months. Notably, Borse Dubai has maintained its shareholder status in Nasdaq for a period spanning 16 years.

Considering the market movements witnessed on Wednesday, Nasdaq's stock performance throughout 2024 has exhibited a 4.8% increase, in contrast to the S&P 500's 8.6% gain over the same period.

Cathy Hills
Associate Editor
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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