Finance History|Nasdaq MarketSite — Twenty-Two Dollars for Four Point Six Million Shares Called AAPL
· 1980-12
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Finance History|Nasdaq MarketSite — Twenty-Two Dollars for Four Point Six Million Shares Called AAPL
kevin
People treat Apple as a Cupertino weight that always printed AAPL on a mature Nasdaq book.
The first public print was a four-year-old personal-computer maker selling a minority slice.
The final prospectus offered 4,600,000 common shares at 22.00 U.S. dollars on 12 December 1980.
Of those shares, 4,000,000 came from the company and 600,000 from selling shareholders. The company received none of the selling-shareholder proceeds.
Gross proceeds to the public at the offer price were 101.2 million U.S. dollars in 1980 currency.
Morgan Stanley and Hambrecht and Quist led the books.
The preliminary filing in early November had talked about a 14-to-17 dollar range. The printed price sat well above that band.
The Computer History Museum records that the shares sold out in minutes and that the first session closed at 29.00 U.S. dollars, about 32 percent above the offer.
The New York Times the next morning called the debut orderly and the largest new issue since Comsat, not a floor panic.
The letters on the tape were AAPL.
The partnership house on Crist Drive is a separate pin. This memory is only the first public book.
The pin is the Times Square MarketSite that now stands in for the Nasdaq tape. In 1980 that glass studio did not exist.
The mechanism is a cash IPO that turned private common into a quoted technology stock without moving the company to the Big Board.
Photo: Nasdaq MarketSite, via the collection photograph already ingested for Nasdaq listings.
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