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Market Savvy | SAVVY CONFIDENTIAL / A Briefing for
Investors

Nasdaq Sale Raises More Than $330 Million

May 17, 2000|Bloomberg News

The Nasdaq Stock Market said Tuesday that it raised more than $330 million through the sale of about 24 million shares of new common stock in the first phase of the market's planned private placement.

That sale, which represents a 40% stake of the market, was about 83% oversubscribed, with more than 2,800 subscriptions--principally from Nasdaq brokerages--accepted in a process that is expected to close by June, once regulators give final approval.

Nasdaq's parent, the National Assn. of Securities Dealers, will hold about 22% of the market after the two planned phases of private placements, a process that is expected to raise more than $1 billion. The general public, however, isn't being offered Nasdaq shares.

The second private-placement phase is likely to get underway in the fall. Total proceeds will be used to upgrade Nasdaq's technology and modernize auditing practices of its member firms.

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