Nasdaq Inc. could be the coveted target for tech companies looking to go public. But the stock exchange had to pull out all the stops to sell chip designer Arm Ltd. lure what would likely lead to the biggest IPO of the year.
The planned listing sparked a remarkable backstage scramble between world leaders, stock market officials and the billionaire founder of SoftBank Group Corp. and was hotly debated on three continents for months. Nasdaq chief executive officer Adena Friedman and her team eventually triumphed with a proposal that included an impressive $50 million joint marketing package and guidance on inclusion in the Nasdaq 100 index, according to people familiar with the matter .
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