Nasdaq surpasses NYSE in IPO activity after triumphant start to June
led the Nasdaq exchange to overtake the New York Stock Exchange in year-to-date initial public offerings.
Overall IPO activity plummeted from its 2019 frenzy as the coronavirus pandemic and recession risks push firms to raise capital elsewhere. Public debuts reached a standstill in late March as markets bottomed and resumed through May as investors revived risk-on attitudes. The NYSE was also forced to withdraw one of its key draws for companies eyeing an IPO. The closing of its iconic floor kept companies from ringing the trading bell to celebrate their debuts. While virtual ceremonies served as a temporary replacement over the monthslong closure, firms weren't able to enjoy the fanfare and exposure tied to ringing the market's opening bell.
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