Finance History | 11 Wall Street — Eleven Dollars for Ten Million Software Shares Called CRM
· 2004-6
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Finance History | 11 Wall Street — Eleven Dollars for Ten Million Software Shares Called CRM
kevin
People treat Salesforce as a San Francisco software house that always printed CRM after a finished New York book.
The June 2004 issuer was salesforce.com, inc., a Delaware company founded in 1999.
Bloomberg News, writing on 23 June 2004, recorded the pricing: 10 million shares at 11 dollars a share in 2004 currency, or 110 million dollars of gross proceeds.
The San Francisco Chronicle recorded the first New York session the next morning. The shares opened on the New York Stock Exchange under the letters CRM and closed at 17.20 dollars, a 56 percent gain from the offering price.
The Street, writing the same afternoon, put first-day volume above 10.8 million shares.
The present tape is CRM on the New York Stock Exchange.
The mechanism is a software-subscription IPO that chose the New York floor instead of Nasdaq. The public bought a primary slice after two SEC delays had pushed the book past two earlier dates.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that now prints CRM.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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