By CHRIS DIETERICH, JACOB BUNGE and STEVEN RUSSOLILLO

Facebook Inc. is going to be ringing the Nasdaq Stock Market’s bell.

Nasdaq OMX Group Inc.

scored the planned stock-market listing of the social-media company, according to people familiar with the matter. The win gives Nasdaq one of the most-coveted deals among the new crop of Internet companies and a leg up in the race for technology IPOs.

Nasdaq has scored Facebook’s shares, according to people familiar with the matter, winning what has been seen as the most-coveted listing among a new guard of Web businesses. Steven Russolillo has details on The News Hub. Photo: Mike Segar/Reuters

Securing Facebook’s listing burnishes Nasdaq’s reputation in the high-tech arena. The exchange is home to firms such as Apple Inc.

and Google Inc.

Shares in Menlo Park, Calif.-based Facebook will trade under the symbol FB, previous filings said.

Nasdaq and NYSE Euronext’s

New York Stock Exchange compete fiercely over listings, and last year the intensity accelerated amid the wave of Internet IPOs from the likes of LinkedIn Inc.

and Groupon Inc.

“This is a strong, substantial win for Nasdaq, and no doubt a momentum builder for future listings,” said Richard Repetto, an analyst at Sandler O’Neill Partners.

Facebook’s offering, which could raise $10 billion, is set to be the biggest U.S. Internet IPO since Google’s in 2004. Facebook is preparing its IPO for May, according to people familiar with the matter.

Nasdaq had an edge from early on in the process, a person familiar with the matter said, and its IPO package was considered substantial and flexible. Deal promotion was a secondary concern for the company, this person said. Facebook is well-known enough that the deal was considered able to sell itself. More important was the group of companies Facebook would list alongside, like Apple, Google and Microsoft Corp.,

this person said.

Associated Press

Facebook CEO Mark Zuckerberg

“Winning Google further emboldened Nasdaq’s reputation as being the exchange of choice for the technology companies,” said Jay Frankl, senior managing director at FTI Consulting. “The Facebook listing I’ve seen as being similar to the Google listing, which had a similar competition between the exchanges, and a similar win for Nasdaq, and a tremendously successful IPO for both,” Mr. Frankl said.

NYSE made gains last year in technology listings, netting LinkedIn, Pandora Media Inc.

and Chinese social-networking site Renren Inc.

Analysts said winning Facebook would have helped swing the pendulum in the Big Board operator’s favor in terms of recruiting future listings and potential transfers.

NYSE and Nasdaq have long fought over Silicon Valley listings, though Nasdaq had a head start in the nation’s tech capital after opening a Silicon Valley office more than 20 years ago. In 2010, Nasdaq marked its 20th anniversary in Silicon Valley with a bell-ringing ceremony at San Jose City Hall with Nasdaq CEO Robert Greifeld. “We call Silicon Valley Nasdaq country,” Bruce Aust, a Nasdaq executive vice president who heads listings, said in an interview that year.

In recent months, Mr. Aust has been a frequent presence in Silicon Valley in a bid to win the listings of companies such as Facebook and Zynga Inc.,

at times flying out from New York almost monthly. Meanwhile, the NYSE has increased the size of its capital-markets team in Silicon Valley over the past few years. Both Nasdaq and NYSE frequently hold IPO “boot camps” for up-and-coming companies in Silicon Valley.

Last year was a big year for social-media IPOs, with companies from Angie’s List Inc.

to Zynga launching publicly. In 2012, the host of social-media flotations could include GlamMedia, Kayak Software and LivingSocial.

Companies pay annual fees to list their stock, and exchanges also garner listings-related income from the sale of market data and ancillary services offered to their listed companies. A company can pay as much as $500,000 annually for an NYSE listing fee, while all Nasdaq fees are capped at about $100,000.

When deciding on which exchange to list, companies often look at the costs as well as the promotional efforts that will help increase visibility. That includes events like the NYSE’s or Nasdaq’s bell-ringing ceremonies. Exchanges also offer other services for needs such as investor relations.

Last year, listings and issuer services brought in about $372 million for Nasdaq OMX, accounting for about 22% of the company’s revenue.

While the Facebook win will grab headlines for Nasdaq, the NYSE continues to lead in the number and value of company debuts.

This year, the NYSE has launched 24 corporate IPOs that together have raised $4.9 billion, according to Dealogic. The Nasdaq has been home to 16 offerings totaling $1.3 billion.

The NYSE led last year, as well, with deals raising $28 billion, while Nasdaq’s corporate IPOs brought in $9.3 billion.

The expected $10 billion that Facebook plans to raise in the IPO could value the social network at as much as $100 billion. Google’s 2004 offering raised $1.9 billion, giving the company a valuation of $23 billion.

Among U.S. companies, only Visa Inc.,

General Motors Co.

and ATT Wireless have held offerings larger than $10 billion.

Reports of the Facebook listing boosted Nasdaq’s shares, which closed up 30 cents, or 1.2%, to $25.52 on Thursday. NYSE Euronext, meanwhile, fell 36 cents, or 1.3%, 28.31. Facebook’s decision regarding Nasdaq was earlier reported by CNBC and the New York Times.

—Pui-Wing Tam, Alexandra Scaggs and Kaitlyn Kiernan contributed to this article.

Write to Jacob Bunge at jacob.bunge@dowjones.com and Steven Russolillo at steven.russolillo@dowjones.com