Finance History | 11 Wall Street — Thirty-Nine Dollars to Take the Bank Association Public
· 2006-5
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Finance History | 11 Wall Street — Thirty-Nine Dollars to Take the Bank Association Public
kevin
People treat Mastercard as a Purchase payments house that always printed MA after a finished New York book.
The 2006 issuer was MasterCard Incorporated, until then a membership association owned by the banks that issued its cards.
A company release dated 24 May 2006 priced 61,520,912 Class A shares at 39.00 U.S. dollars a share in 2006 dollars.
The same notice said the company would keep 650 million U.S. dollars of the proceeds in 2006 dollars and use the rest to redeem shares held by the existing bank owners.
Trading began the next session, 25 May 2006, on this exchange under MA.
Period tape accounts put the first-day open at 40.30 U.S. dollars and the close at 46.00 U.S. dollars in 2006 dollars, on volume of about 39 million shares.
Goldman Sachs led the books with Citigroup, HSBC, and J.P. Morgan.
The mechanism is a conversion IPO: a bank-owned association sold a Class A book to the public and used most of the cash to buy out the old owners.
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 MA.
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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