Finance History | 11 Wall Street — DLPH Stopped and the Letters APTV Opened
· 2017-12
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Finance History | 11 Wall Street — DLPH Stopped and the Letters APTV Opened
kevin
People treat Aptiv as a Schaffhausen auto-electronics house that always printed APTV on the New York tape.
The letters arrived as a rename after a powertrain slice left the book.
On 13 November 2017 Delphi Automotive PLC, then listed as DLPH, set a 22 November record date and a 4 December distribution date for the spin-off of its Powertrain Systems segment as Delphi Technologies PLC.
Delphi Technologies was to list on the New York Stock Exchange under DLPH. The remaining company was to take the name Aptiv PLC and the letters APTV on 5 December 2017, the first regular-way session after the distribution.
Aptiv's own 5 December 2017 release recorded that the powertrain segment had become Delphi Technologies and that Aptiv would keep the electronics and safety book.
A public price series for APTV begins that same session. One vendor tape shows an open of 88.89 dollars and a close of 88.77 dollars on 5 December 2017 in 2017 currency, against a 4 December DLPH close of 104.30 dollars that still bundled the powertrain assets.
The drop is not a trading panic. It is the book after a segment walked out under the old letters.
The lineage is older than APTV. Delphi Automotive priced 24,078,827 shares at 22.00 dollars on 16 November 2011, with trading under DLPH the next day. The New York Times DealBook put proceeds near 530.1 million dollars in 2011 currency, all from selling holders, none to the company.
Reuters the same week valued the 2011 issuer at about 7.22 billion dollars at the 22-dollar print.
The mechanism in 2017 is a listed auto-parts book that split its letters so the electronics company and the powertrain company could trade as two names.
APTV is not a first-day IPO ticker. It is the surviving half of DLPH after the powertrain half kept the old code.
The pin is the Broad Street facade of the Exchange, where the letters changed. 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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