Finance History | Nasdaq MarketSite — Fifteen Dollars for Six Million Read-Channel Shares
· 2000-6
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Finance History | Nasdaq MarketSite — Fifteen Dollars for Six Million Read-Channel Shares
kevin
People treat Marvell as a Santa Clara silicon house that always printed MRVL after a finished Nasdaq book.
The 2000 issuer was Marvell Technology Group Ltd., a Bermuda company founded in 1995 whose first product was a CMOS read channel for disk drives.
Its Form S-1 became effective on 26 June 2000.
The offering priced 6 million shares at 15.00 U.S. dollars a share in 2000 dollars on 27 June 2000, 90 million U.S. dollars in 2000 dollars before the overallotment.
The later 10-Q recorded that 6.9 million registered shares were sold at that price for 103.5 million U.S. dollars of gross proceeds in 2000 dollars, with Goldman Sachs, Lehman Brothers, and J.P. Morgan as managers.
Same-day tape accounts put the Nasdaq close at 56 and five-eighths U.S. dollars in 2000 dollars, up 41 and five-eighths from the offering price.
The company later redomiciled; the present issuer, Marvell Technology, Inc., still opens under MRVL on the Nasdaq Global Select Market.
The mechanism is a late-bubble cash initial public offering that sold a thin slice of a storage-chip book onto the Nasdaq tape.
The pin is the public Times Square facade of Nasdaq MarketSite, the present street marker for the tape that first printed MRVL.
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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