Before Nasdaq was started almost 45 years ago, in February 1971, almost all companies went public on the over-the-counter market. If successful, they eventually graduated to the American Stock Exchange (now NYSE MKT) or the New York Stock Exchange. Since Nasdaq’s creation, about 85% of initial public offerings (IPOs) have gone public on Nasdaq, although this proportion has dropped in recent years. Most of the survivors among the Nasdaq IPOs have stayed rather than moving to the NYSE.

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