Finance History | 11 Wall Street — Fourteen Fifty for Three-Point-Three Million Pump Shares
· 1989-6
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Finance History | 11 Wall Street — Fourteen Fifty for Three-Point-Three Million Pump Shares
kevin
People treat IDEX as a Northbrook fluidics house that always printed IEX after a finished pump book.
The June 1989 issuer was a year-old holding company assembled from leftover Houdaille shops.
IDEX Corporation was incorporated in Delaware on 24 September 1987.
The company was formed when Kohlberg Kravis Roberts bought six Houdaille subsidiaries, a purchase the Chicago Tribune dated 22 January 1988 at about 192 million dollars.
The same Tribune article recorded the public offering: 3.3 million shares at 14.50 dollars a share on 2 June 1989.
By mid-August 1989 the listed stock was trading around 16 dollars.
1988 sales were 209 million dollars and net income 10.7 million dollars, against about 130 million dollars of leveraged-buyout debt still on the book.
The company's own 2019 bell-ringing release treated 2 June 1989 as the first New York Stock Exchange session for the letters IEX.
The mechanism is a post-LBO bundle of rotary pumps, air-operated pumps, and lubrication shops priced as one industrial book.
The pin is the Broad Street facade of the Exchange on that opening.
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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