Finance History | 11 Wall Street — Fifty-Five Million Waste Shares Printed RSG at Twenty-Four Dollars
· 1998-7
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Finance History | 11 Wall Street — Fifty-Five Million Waste Shares Printed RSG at Twenty-Four Dollars
kevin
People treat Republic Services as a Phoenix hauler that always printed RSG after a finished New York book.
The July 1998 issuer was Republic Services, Inc., the solid-waste companies carved out of Republic Industries.
The Sun-Sentinel, writing on 2 July 1998 about the previous session, recorded the sale: 55 million shares priced at 24 dollars a share in 1998 currency, a book that took 1.312 billion dollars.
The same dispatch said the first New York session closed at 25.50 dollars under the letters RSG, after the company raised the size by four million shares against the original filing.
The Form S-1 had sought listing of Class A common on the New York Stock Exchange under those three letters.
The present tape is RSG on the New York Stock Exchange.
The mechanism is a parent-company carve-out. Republic Industries sold a public waste book to fund a consolidating hauler while keeping the larger automotive group separate.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that now prints RSG.
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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