Finance History | 11 Wall Street — Fifteen Dollars for Sixteen Percent of a Utility Generator
· 2000-5
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Finance History | 11 Wall Street — Fifteen Dollars for Sixteen Percent of a Utility Generator
kevin
People treat NRG Energy as a Houston power house that always printed NRG after a finished New York book.
The May 2000 issuer was NRG Energy, Inc., then a Minneapolis competitive-generation subsidiary of Northern States Power Company.
An NSP release dated 30 May 2000 records the pricing of 28,170,000 common shares at 15 U.S. dollars a share in 2000 dollars, about 16 percent of the company, with trading to begin on the New York Stock Exchange on 31 May 2000 under NRG.
A company closing release dated 6 June 2000 records gross proceeds of 422,550,000 U.S. dollars at that price.
NSP kept the Class A block.
The first public tape was therefore a minority carve-out of a utility subsidiary, not a standalone flotation of the whole firm.
NRG later left the listed market in the 2003 bankruptcy and returned from the OTC Bulletin Board to the NYSE on 25 March 2004 under the same letters, a separate listing event.
The present tape is still NRG on the New York Stock Exchange.
The mechanism is a parent-subsidiary initial public offering that sold a minority slice onto the Big Board while the utility parent kept control.
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 NRG.
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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