The list of high-profile corporate names looking to cash in on the
Nasdaq Stock Market's
public offering includes
J.P. Morgan Chase
In a regulatory filing Tuesday, the Nasdaq disclosed dozens of other investors who intend to sell shares in a forthcoming secondary offering. In all, the investors plan to sell 17.2 million shares to the public, in a stock sale that won't raise any cash for the Nasdaq.
The filing is an amendment to a December registration statement for investors in two private placements in 2000 and 2001 to resell their shares to the public. The initial registration statement did not identify the selling shareholders.
The secondary offering is part of Nasdaq's long and tortuous path toward converting itself into a publicly traded entity and to separate itself from its nominal parent, the NASD.
The private placements were seen as the first step in Nasdaq's much-discussed plans in the late 1990s to go public. Nasdaq had been expected to file for an initial public offering soon after the private stock sales. But the bursting of the Nasdaq bubble in technology stocks, the recession and the Sept. 11 terror attacks left Nasdaq's IPO plans on the back burner.
To some extent, the Nasdaq already is a public company. Several thousand shares of the stock market trade each day on the OTC Bulletin Board, under the ticker symbol "NDAQ.OB." In June 2002, some of the investors who purchased shares in the two private placements created a market in Nasdaq's stock by selling some of those shares.
Nasdaq has announced plans to list its shares on its own market once the offering is registered and approved by the
Securities and Exchange Commission
Shares of Nasdaq closed yesterday at $10. The stock has risen 47% since it announced the secondary offering in December and trading volume in the stock has increased.
In the offering, the NASD, which owns 57% of Nasdaq's outstanding stock, will be the largest seller. The securities industry association plans to sell 14 million shares, leaving it with a 37% equity stake in Nasdaq after the offering.
Goldman is the next biggest seller, offering 1.9 million shares for sale. Microsoft is selling 430,00 shares, while J.P. Morgan is unloading 375,000 shares.
Not selling any shares is Nasdaq's second-biggest investor, the venture capital firm
Hellman & Friedman
Also not selling are any of Nasdaq's corporate officers and directors. One of the more notable directors is former U.S. senator and
Law & Order
television star Fred Thompson. Thompson was named to Nasdaq's board last May and owns 7,541 shares.