Finance History | 11 Wall Street — Twenty-Six Dollars for Twenty-Nine and a Half Million Polo Shares Called RL
· 1997-6
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Finance History | 11 Wall Street — Twenty-Six Dollars for Twenty-Nine and a Half Million Polo Shares Called RL
kevin
People treat Ralph Lauren as a Madison Avenue apparel house that always printed RL after a finished New York book.
The June 1997 issuer was Polo Ralph Lauren Corporation, a dual-class clothing company selling only Class A common to the public.
UPI on 12 June 1997 and The Washington Post the next morning recorded the sale. Twenty-nine and a half million Class A shares were priced at 26 dollars a share in 1997 currency after the indicated range was lifted from 25 dollars. Existing holders sold 20.1 million of those shares.
Trading on the New York Stock Exchange opened near 32 dollars and one-eighth and printed as high as 32.75 dollars that session.
The present tape is RL on the New York Stock Exchange.
The mechanism is a controlled-company IPO. Class A carried one vote. The family book kept Class B stock with ten votes a share, so the public tape did not carry control.
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 RL.
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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