Finance History | Nasdaq MarketSite — Sixteen Dollars for Four Million San Diego Shares Called QCOM
· 1991-12
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Finance History | Nasdaq MarketSite — Sixteen Dollars for Four Million San Diego Shares Called QCOM
kevin
People treat Qualcomm as a San Diego chip house that always printed QCOM after a finished Nasdaq book.
The December 1991 issuer was Qualcomm Inc., the company founded in July 1985 around satellite messaging and a then-unproven digital cellular method called CDMA.
UPI on 13 December 1991 recorded the sale: 4 million common shares priced at 16 dollars a share in 1991 currency, 3.2 million in the United States and 800,000 in a concurrent international book, managed by Lehman Brothers, Bear Stearns, and Alex. Brown. By early afternoon the issue was printing at 19 dollars in the over-the-counter market under the letters QCOM.
The company's own investor FAQ still lists that December 1991 offering as the first public sale.
The present tape is QCOM on the Nasdaq Global Select Market.
The mechanism is a development-stage communications IPO. The cash paid working capital and debt while CDMA was still a standard fight, not a finished chip franchise.
The pin is the public Times Square facade of Nasdaq MarketSite, the present street marker for the tape that now prints QCOM.
Interior trading is not visitable from the sidewalk.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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