The Texas Stock Exchange plans to host its first initial public offerings in the opening quarter of 2027 as it seeks to grab a chunk of business from Nasdaq and the New York Stock Exchange, said Jeb Hensarling, a strategic advisor to the Dallas-based marketplace.
Trading is set to begin this summer with exchange-traded products ahead of any company listings, Hensarling said in an interview Wednesday. The upstart TXSE is targeting potential listing companies from Texas to Florida as it seeks to drum up business.
"You have all kinds of economic activity coming to this part of the U.S.," said Hensarling, a former Texas congressman who served as chair of the House Financial Services Committee. "We believe that's the first natural market to be trading and listing on the Texas Stock Exchange."
TXSE has raised about $270 million from investors ranging from Citadel Securities to BlackRock Inc., and it won U.S. regulatory approval last year as a national securities exchange. The industry's powerful incumbents, meanwhile, have been beefing up their presence in Texas. NYSE moved its Chicago trading venue to Dallas last year while Nasdaq launched its own Texas office.
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