Business
Twitter’s IPO gives NYSE momentum in battle against Nasdaq
NEW YORK – Twitter Inc’s successful debut on the New York Stock Exchange could help the Big Board win a title it has never held before: the No 1 US listing venue for technology companies.
Nasdaq OMX Group had easily scored the most tech initial public offerings every year from 1999 until last year, when NYSE Euronext pulled even, according to Thomson Reuters data.
Including Twitter this week, 19 tech companies have chosen to go public on the NYSE in 2013, while Nasdaq has won only 14 listings so far this year. Tech IPO proceeds also favor the NYSE over Nasdaq, at $4.6 billion to $1.9 billion, according to Thomson Reuters data.
The reversal is attributed partly to Nasdaq’s high-profile bungling of Facebook Inc’s debut last year, and partly to changes the NYSE made to its listing standards in 2008 to make it easier for smaller, growing companies to qualify. “I wouldn’t even say they won Twitter, I’d say we lost it,” said Bruce Aust, who has headed Nasdaq’s listings business for the past decade. He said that since 2008, when the NYSE changed its listings rules and lowered requirements for market capitalisation and income limits, every deal has become competitive.
“They did that because they realised that once a company lists on Nasdaq, they really stay with us,” said Aust. Twitter began trading at NYSE. Reuters Facebook’s $16 billion IPO was highly anticipated but a glitch in Nasdaq’s fully electronic system set off a series of events that some market makers said prevented them from knowing their positions in the stock – and led to them to lose $500 million collectively.
Nasdaq is voluntarily compensating firms a total of $41.6 million, and was fined another $10 million by the US Securities and Exchange Commission. In contrast, Twitter’s listing on the Big Board went off without a hitch on Thursday, with the stock gaining an eye-opening 73 percent. The NYSE, one of the last exchanges with a trading floor staffed by human beings, had the world’s media observe the debut, with NYSE and Twitter executives, as well as X-Men and Star Trek actor Patrick Stewart, on hand to help promote the offering.
“Clearly, the Facebook fiasco has hurt Nasdaq and the fact that the NYSE pulled off the Twitter IPO with no technological glitches certainly is good for them,” said Jay Ritter, a professor and IPO expert at the University of Florida. Ritter said the probability was “incredibly good” that had the Twitter IPO gone to Nasdaq, it would have gone smoothly as well, and that in reality, there is not much difference to companies when it comes to listing on one exchange or the other.
But the listing business is largely about prestige. WINNING AND LOSING This year has seen the strongest market for US IPOs since 2007, as equity markets soared, helped by continued economic growth and the Federal Reserve’s efforts to keep interest rates low.
The NYSE and Nasdaq have taken steps this year to form closer relationships with technology firms before they go public. The moves come with the passing of the Jumpstart Our Business Startups (JOBS) Act last year in March, which loosened a number of securities regulations in hopes of boosting capital raising, and thereby increasing job growth.
The NYSE said in September it was getting into the $1 trillion-a-year private placement business through a minority stake in Ace Group Inc, which runs a private issuance platform for equity, debt and other securities. Nasdaq plans to create a market for trading shares of unlisted companies in a joint venture with trading platform SharesPost Inc, which now lists more than 200 private companies, including Pinterest, Foursquare, eHarmony and Tumblr.
“We’ll be involved much earlier with these private companies and eventually we hope they’ll go public on Nasdaq,” said Aust. With tech giants like Apple Inc, Microsoft Corp, Google Inc, and Amazon.com Inc in its roster, Nasdaq traditionally has seemed the natural place for technology listings. In 1999, before the dot-com bubble burst, Nasdaq had 246 technology IPOs, or 95 percent of the listings, while the NYSE had just seven, or 2.7 percent, according to Thomson Reuters data.
Fast forward to 2012, and the NYSE had caught up to Nasdaq in tech IPOs, with each recording 17, though proceeds of the NYSE listings, at 2.8 billion were eclipsed by the Nasdaq listings, at $17.5 billion, which benefited from the Facebook IPO. Nasdaq uses a different system for categorizing tech companies, including, for instance, telecommunications services firms in its count.
Thomson Reuters only includes companies classified as high technology using the Standard Industrial Classification system, which groups telecoms separately. Using Nasdaq’s methodology, it has hosted 24 technology IPOs this year, against the NYSE’s 22. The NYSE uses yet a different classification system, and says it has had 26 technology listings so far in 2013.
Doug Chu, head of the NYSE’s Silicon Valley office, pointed to the Big Board’s 2008 listings change as the turn-around point for technology company IPOs. “The culture at the NYSE has changed over the last few years. We’re more proactive and focused on technology and growth companies,” Chu said. Reuters
The Aliko Dangote Foundation (ADF) has unveiled the Women’s Share Subscription Grant Initiative (WSSGI), a pioneering financial inclusion programme aimed at increasing women’s participation in Nigeria’s capital market through the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
The nationwide initiative is designed to support up to two million Nigerian women, with a special focus on low- and middle-income earners, as well as vulnerable women. Through the programme, ADF seeks to expand access to equity ownership, promote a culture of savings and long-term investing, and empower women with greater opportunities for wealth creation through responsible participation in the capital market.
The initiative is open to several categories of beneficiaries, including independent applicants earning ₦100,000 or less per month, verified participants in designated ADF programmes such as CRoWN, ADFIN, and Mu Shuka Iri, eligible non-commissioned servicewomen and service spouses, as well as verified service widows.
To accommodate different categories of participants, the initiative provides two pathways for entry: Matching Grant Track: Eligible independent applicants who subscribe to a minimum of 10 shares will receive an ADF-funded application for an additional 10 shares in their name.
Unconditional Grant Track
The ADF will fund an application for 20 shares on behalf of eligible beneficiaries who satisfy programme eligibility, investor identification, and Know Your Customer (KYC) requirements.
This category covers verified beneficiaries from designated ADF programmes and verified service widows.
Under both tracks, grant funds will be applied directly through the designated issuing house. No cash payments will be made to beneficiaries, government agencies, or sponsors. Any shares successfully allotted will be credited solely to the beneficiary and held in her name.
Eligibility Requirements
Applicants must be Nigerian women aged 18 years and above; resident in Nigeria; meet the eligibility requirements of their respective participation category; successfully complete all required identity verification and KYC processes; and receive no more than one ADF share grant across all Foundation share grant schemes.
The ADF is implementing the initiative in partnership with Vetiva Capital Management and the Nigerian Exchange Group (NGX) through the Securities and Exchange Commission (SEC)-approved IPO subscription infrastructure.
The Foundation will not receive, collect, or hold applicants’ or sponsors’ subscription funds. All applications, payments, allotments, and refunds will be handled in accordance with the IPO Prospectus, applicable regulatory requirements, and the approved basis of allotment.
Participation in the programme is entirely voluntary. Prospective investors should note that share prices may fluctuate, dividends are only payable when declared, and neither allotment nor investment returns are guaranteed.
To facilitate broad participation, applicants are not required to have an existing Central Securities Clearing System (CSCS) account. Where necessary, accounts will be created through Vetiva upon successful completion of the IPO’s KYC requirements.
Eligible independent applicants may submit their applications exclusively through the official ADF portal at ipo.alikodangotefoundation.org.
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Beneficiaries affiliated with the ADF programmes and verified service widows will receive application guidance through approved Foundation channels.
The offer closes on 13 October 2026.
The ADF urges prospective participants to remain vigilant against fraud. Applicants should not make payments to agents, individuals, or personal bank accounts in exchange for grants or promises of guaranteed allotment. Passwords, PINs, and one-time passwords (OTPs) should never be shared, and any unexpected payment request or online link should be verified through official channels before action is taken.
Through this initiative, the ADF is reinforcing its commitment to inclusive economic empowerment, broadening access to investment opportunities, and enabling more Nigerian women to participate meaningfully in the nation’s wealth creation journey.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a pipeline of major offshore projects with the potential to attract significant new investment into Nigeria’s upstream petroleum sector.
This is as the commission has intensified efforts to convert the country’s substantial hydrocarbon resources into producing assets and sustainable economic value, the NUPRC said in a statement.
According to the statement, Nigeria’s upstream investment outlook was presented at the Nigeria Investment Forum 2026 in New York by the Commission Chief Executive (CCE), Oritsemeyiwa Eyesan.
Eyesan, who was represented by the Executive Commissioner, Corporate Services and Administration, Dr. Kelechi Ofoegbu, highlighted the emerging investment opportunities across Nigeria’s offshore, gas and brownfield assets, noting that the combination of regulatory reforms, improved project economics and a growing pipeline of development-ready assets is creating new opportunities for investors and industry partners.
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A key feature of the presentation, it said, was the identification of 22 major offshore projects, comprising 12 deepwater and 10 shallow-water developments, as part of the pipeline capable of driving substantial new capital into the sector.
According to the commission, the projects include major developments such as Bonga Southwest, Aparo, Zaba Zaba, Owowo, Bosi and Egina South.
The NUPRC also highlighted recent capital commitments across projects including Bonga North, Obeta Gas Development, HIN Associated Gas Development and Iseni Gas Development, demonstrating the movement of investment interest towards actual project development.
The average prices of petrol and diesel have risen by 86 percent in 2026, with the two products reaching their highest average price levels for the year by September 22, according to the latest fuel price trend report by priceandpromo.
The report stated that the average price of Premium Motor Spirit, popularly known as petrol, rose to N1,378 per litre by September 22, while automotive gas oil, commonly known as diesel, increased to N1,899/litre.
It puts the increase in the price of petrol at 80.8 percent from the January 13 base, while diesel recorded a 91.8 percent rise over the same period. The average increase of the two products is 86.3 percent, which rounds to 86 percent.
The report stated, “The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July.
“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”
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According to the report, petrol prices had increased sharply in March before remaining relatively stable at elevated levels between April and July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added.
The renewed increase came amid heightened volatility in the international energy market, according to the report, which noted that the domestic market remained exposed to movements in global energy costs.
“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.
The report indicated that the latest movement in fuel prices could have wider implications for transportation, logistics and the cost of distributing goods, given the importance of petrol and diesel to economic activities.
The report noted that fuel prices remained an important channel through which changes in energy costs could feed into transportation and other consumer costs.
The report further warned that the renewed increase in both products is a development to monitor because of its potential implications for the movement of people and goods.
It said, “The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market.”
The report’s figures show that the increase in diesel prices has outpaced that of petrol, with AGO rising by 91.8 percent compared with PMS’s 80.8 percent increase.
Courtesy – The PUNCH
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