Finance History | Nasdaq MarketSite — Eighteen Dollars from Seven Hundred Employee Owners
· 1997-10
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Finance History | Nasdaq MarketSite — Eighteen Dollars from Seven Hundred Employee Owners
kevin
People treat C.H. Robinson as an Eden Prairie logistics house that always printed CHRW.
The 1997 issuer had been employee-owned.
A prospectus dated 15 October 1997 offered 10,578,396 shares at 18 dollars each. Every share was sold by stockholders. None came from the company.
Gross proceeds were 190,411,128 dollars in 1997 currency. Selling stockholders received 16.88 dollars a share after the underwriting discount.
The same prospectus said more than 700 employees owned the firm and would still hold more than 75 percent after the sale.
The company's later Form 10-K recorded that common stock began trading on the Nasdaq National Market on 15 October 1997 under CHRW.
The mechanism is a secondary float. Employee-owners sold a minority line so the stock could trade while the branch network stayed inside the same holding company.
No new cash went into the operating company from that first tape.
Nasdaq trading in 1997 was electronic and had no visitor floor. The pin is the later public facade of Nasdaq MarketSite at 4 Times Square, the street presence of the market that first printed CHRW. Interior studios are not visitable as a trading floor.
Photo: Luca Marfè, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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