Next Score View the next score

    NYSE wins the contest for Twitter

    NEW YORK — The New York Stock Exchange has beaten its tech-heavy rival in the quest for the biggest stock market debut of the year.

    Twitter said Tuesday that it will list its shares on the NYSE when the company goes public later this year, choosing it over the traditionally technology-friendly Nasdaq Stock Exchange.

    The microblogging service did not say in its regulatory filing when it expects to start trading stock, but the debut is expected before Thanksgiving.


    The news is an upset for the Nasdaq, which has traditionally been the place for technology IPOs.

    Get Talking Points in your inbox:
    An afternoon recap of the day’s most important business news, delivered weekdays.
    Thank you for signing up! Sign up for more newsletters here

    The exchange was looking to redeem itself after last year’s Facebook’s IPO, which was marred by trading order failures and delays.

    As a result, the Securities and Exchange Commission in May fined the Nasdaq $10 million, the largest ever levied against an exchange.

    Both exchanges had been courting San Francisco-based Twitter heavily.

    The NYSE has wooed a growing list of companies recently, including 10 of the 20 largest technology IPOs so far this year, according to the research firm Dealogic.


    Winning an initial public offering is always a big deal
    for an exchange, but a high-profile name like Twitter is an especially coveted prize. As long as Twitter’s IPO goes well, it should give the NYSE an edge in luring other IPOs, particularly in the fertile area of social media.

    ‘‘We are grateful for Twitter’s confidence in our platform and look forward to partnering with them,’’ NYSE spokeswoman Marissa Arnold said in a statement.

    A Twitter spokesman declined to comment beyond the announcement.