Finance History | Nasdaq MarketSite — Fifteen Dollars for Five and a Half Million DVD Shares Called NFLX
· 2002-5
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Finance History | Nasdaq MarketSite — Fifteen Dollars for Five and a Half Million DVD Shares Called NFLX
kevin
People treat Netflix as a Los Gatos streaming house that always printed NFLX after a finished Nasdaq book.
The May 2002 issuer was Netflix, Inc., a Delaware company that had launched a Los Gatos DVD-by-mail service in 1999 after incorporation in 1997.
A company release dated 22 May 2002 records an initial public offering of 5,500,000 common shares priced at 15.00 U.S. dollars a share in 2002 dollars, to be quoted on the Nasdaq National Market under NFLX beginning 23 May 2002.
The same release names Merrill Lynch as lead manager, with Thomas Weisel Partners and U.S. Bancorp Piper Jaffray as co-managers, and grants underwriters an option on 825,000 more shares.
The New York Times the next morning reported that the 5.5 million shares sold at that 15.00 U.S. dollar price, for a gross 82.5 million U.S. dollars in 2002 dollars.
The present tape is still NFLX on Nasdaq.
The mechanism is a cash initial public offering that put a mail-order DVD rental book onto the Nasdaq tape under the letters it still uses.
The pin is the public Times Square facade of Nasdaq MarketSite, the present street marker for the tape that first printed NFLX.
Interior trading is not visitable from the sidewalk.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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