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The Nasdaq Stock Market has three distinctive tiers: The Nasdaq Global Select Market®, The Nasdaq Global Market® and The Nasdaq Capital Market®. Applicants must satisfy certain financial, liquidity and corporate governance requirements to be approved for listing on any of these market tiers.
The initial financial and liquidity requirements for the Nasdaq Global Select Market are more stringent than those for the Nasdaq Global Market and likewise, the initial listing requirements for the Nasdaq Global Market are more stringent than those for the Nasdaq Capital Market. Corporate governance requirements are the same across all Nasdaq market tiers.
It is important to note that even though a company’s securities meet all enumerated criteria for initial inclusion, Nasdaq may deny initial listing, or apply additional conditions, if necessary to protect investors and the public interest.
Partnership — Our View of Listings
Nasdaq is a trusted market leader and has built a financial community of world-renowned industry innovators and visionaries – Apple, Facebook, Amazon, Amgen, Virtu, Starbucks, eBay and Alphabet. This community of companies also includes $815 billion in market value transfers since 2005.
IPO EXPERIENCE – The 21st Century Stock Exchange
Taking a company public is a significant undertaking and a major milestone. Nasdaq works to ensure that our listed companies have a seamless first trade and accomplish their listing day visibility objectives. We use all the resources at our disposal, including our location in New York’s Times Square — MarketSite — to create a unique event.
Overview of Initial Listing Requirements
The following charts provide an overview of the criteria companies must satisfy. For a more detailed presentation of our listing requirements, please refer to our Listing Rules and consult our comprehensive list of frequently asked questions.
While it generally takes four to six weeks to process a listing application, this time frame is variable and may be shortened considerably, if the application raises no issues and the company responds quickly to Staff comments.
Week 1. Company submits application for listing and Nasdaq Listing Qualifications Staff begins its review.
Weeks 2-3. Staff completes its preliminary review and prepares comment letter.
Weeks 3-4. Company addresses any issues raised by Staff.
Weeks 5-6. Staff completes their review and company is approved for listing.