Finance History|11 Wall Street — Twenty Dollars for a Long Island Shopping-Center Book
· 1991-11
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Finance History|11 Wall Street — Twenty Dollars for a Long Island Shopping-Center Book
kevin
People treat Kimco Realty as a Jericho shopping-center REIT that always printed KIM after a finished New York book.
The 1991 issuer was Kimco Realty Corporation, a Maryland real-estate company built by Martin Kimmel and Milton Cooper from neighborhood shopping centers on Long Island.
Company and market-data records date the initial public offering on the New York Stock Exchange to 22 November 1991.
An academic reconstruction of that first session prices the offering at 20.00 U.S. dollars a share in 1991 dollars and records a close of 20.00 on volume of 1,449,500 shares.
Contemporary company histories put the cash raised near 120 million to 150 million U.S. dollars in 1991 dollars, most of it used to cut a debt load that had passed 400 million earlier that year.
The letters on the tape were KIM from the start of the listed book.
Those letters stayed KIM through later offerings and through the later conversion of the platform into one of the larger grocery-anchored retail REITs on the Exchange.
The letters KIM still open on the New York Stock Exchange.
The mechanism is a 1991 equity-REIT listing that turned privately held shopping-center cash flow into a permanent public book after the savings-and-loan credit freeze.
The pin is the Broad Street facade of the Exchange on the morning the New Hyde Park book opened.
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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