Finance History | Nasdaq MarketSite — Eleven Dollars for a Million AutoCAD Shares Called ADSK
· 1985-6
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Finance History | Nasdaq MarketSite — Eleven Dollars for a Million AutoCAD Shares Called ADSK
kevin
People treat Autodesk as a San Francisco design-software house that always printed ADSK on a mature Nasdaq book.
The first public print was a Marin County CAD shop that had taken no venture capital.
John Walker's internal Information Letter 12 records that the public offering sold on 28 June 1985.
David Weisberg's history of Autodesk and AutoCAD records that the company sold a million shares at 11 dollars a share and raised a little more than 10 million dollars in 1985 currency after underwriting fees.
Walker, writing to employees after the close, put the same event on a pre-split per-share figure of 165 dollars to show what the original 1982 dollar units had become.
By the end of 1985 the listed stock was selling near 21 dollars a share on the public tape.
AutoCAD unit sales that year were about 25,000, with gross revenues of 27 million dollars and profits of more than 6 million dollars in 1985 currency.
The mechanism is a product company listing without a venture round, so the first public book is also the first outside book.
An 11-dollar CAD print that needed no preferred-share clean-up is a rarity later Nasdaq classes would not repeat.
Nasdaq MarketSite at 4 Times Square is the public facade of that market. Interior studios are not a visitor floor.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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