Finance History | 11 Wall Street — Eighteen Dollars for Fourteen Million Index Shares Called MXB
· 2007-11
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Finance History | 11 Wall Street — Eighteen Dollars for Fourteen Million Index Shares Called MXB
kevin
People treat MSCI as a New York index house that always printed MSCI after a finished New York book.
The November 2007 issuer was MSCI Inc., then majority-owned by Morgan Stanley and still trading under the temporary New York tape MXB.
A company release dated 14 November 2007 records that the initial public offering of 14 million Class A shares was priced at 18.00 U.S. dollars a share in 2007 dollars, with trading to begin the next session on the New York Stock Exchange.
The same release names Morgan Stanley as sole book-runner and grants underwriters a 30-day option on 2.1 million more Class A shares.
A follow-up release dated 20 November 2007 records that the option was exercised, that 16.1 million Class A shares were sold in all, and that the proceeds retired part of a demand note held by Morgan Stanley.
CNBC, citing Reuters on the debut session of 15 November 2007, reported that the Class A book opened more than 46 percent above the 18.00 U.S. dollar offer.
The mechanism is a cash minority offering of Class A stock that put an index-and-analytics subsidiary onto the New York tape while Morgan Stanley kept the high-vote Class B book.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that first printed MXB.
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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