Despite the important role of stock exchanges in financial markets, little research investigates stock exchanges as a focal market player. In this study, we examine what makes a stock exchange attractive for foreign companies and whether the destination stock exchange matters for the foreign companies’ initial IPO valuation. The products offered by exchanges, “listings”, can be unbundled into components (Macey and O’Hara, 2002) including offering liquidity, providing standard-form rules, monitoring exchange trading, and providing a certifying function. We find that stock exchanges that can provide better liquidity and with higher certifying value are more attractive to foreign IPOs. Specifically, demutualized stock exchanges with more peer firms in the same industry, with higher investor familiarity attract more foreign listings. We do not find evidence that exchanges with more stringent listing and trading rules attract more foreign listings. Stock exchanges do not create significant initial valuation differences for firm IPOs across markets.