The New York Stock Exchange (NYSE), operated by Intercontinental Exchange, Inc., has announced robust business performance in the first half of 2023. The exchange has demonstrated its leadership in the industry by hosting the largest initial public offering (IPO) of the year, attracting several high-profile companies to transfer their listings, and emerging as the primary destination for significant transactions.
NYSE Sets the Pace in IPOs and Listings:
The NYSE started the year on a high note with the May 4 IPO of consumer health business Kenvue (NYSE: KVUE), which stands as the largest global offering since late 2021. In the first six months of 2023, the NYSE led the industry in U.S. IPO proceeds, raising an impressive $6.7 billion. Additionally, eight out of the ten largest transactions during this period took place on the NYSE. The exchange continued to expand its portfolio in June, welcoming issuers such as Cava (NYSE: CAVA), Savers Value Village (NYSE: SVV), and Fidelis Insurance Holdings (NYSE: FIHL).
Growing List of Transfers to the New York Stock Exchange:
The NYSE also witnessed a significant influx of companies transferring their listings from other exchanges. Notably, Fiserv (NYSE: FI), Coherent (NYSE: COHR), and Atlantic Union Bankshares (NYSE: AUB) completed their transfers to the NYSE between January and June. Fiserv’s transfer marked the second-largest listing transfer in the history of the NYSE. Overall, companies with a combined market capitalization of nearly $100 billion chose to move their listings to the NYSE during the first half of 2023. Furthermore, dual-listed companies CRH (NYSE: CRH) and AngloGold Ashanti (NYSE: AU) announced plans to make the NYSE their primary listing, adding an estimated $50 billion in market capitalization. Since 2000, over 300 issuers have made successful transfers to the NYSE, representing a total market value exceeding $1 trillion.
NYSE’s Dominance in ETFs and Assets Under Management:
In addition to IPOs and transfers, the NYSE Group maintained its leadership in the listing of exchange-traded funds (ETFs) during the first half of the year. The NYSE Group, comprising the NYSE and NYSE Arca equity exchanges, listed a total of 113 new ETFs. The exchange’s strong presence in the ETF market is evidenced by its $5.4 trillion in ETF assets under management, accounting for 75% of the total U.S. industry assets.
NYSE’s Role as a Premier Platform for Global Business and Discussions:
The NYSE has solidified its reputation as a preferred platform for global business leaders, politicians, and influencers. U.S. Speaker of the House of Representatives Kevin McCarthy, along with other political figures such as U.S. Commerce Secretary Gina Raimondo, Sen. Tim Scott, Sen. Joe Manchin, and Secretary of the Navy Carlos Del Toro, visited the exchange to engage with CEOs of NYSE-listed companies. Speaker McCarthy delivered a significant economic address from the NYSE’s Board Room in April. Moreover, the NYSE actively participated in regulatory discussions on market structure and digital assets. The exchange testified before a joint House subcommittee hearing on the future of digital assets and provided thoughtful recommendations on market structure reforms to the U.S. Securities and Exchange Commission.
The New York Stock Exchange has demonstrated impressive business momentum in the first half of 2023, leading the industry in IPOs, attracting notable listing transfers, and hosting major transactions. The NYSE’s position as a premier platform for global business is further reinforced by its engagement with influential figures and active involvement in regulatory discussions. As the exchange continues to evolve and drive market growth, it remains a key player in shaping the future of the financial industry.
