Nasdaq and NYSE fight closest listings contest in five years

Instacart’s flotation this week will inch Nasdaq further ahead of the New York Stock Exchange in their closest fight for new listings in five years — less than a week after the bourse’s $5bn initial public offering of chip designer Arm put it back in the game at all.

Including Instacart’s sale of up to $660mn in stock as well as other deals under way, Nasdaq has helped companies raise $9.3bn this year compared with $8bn for NYSE, according to Dealogic data and Financial Times calculations.