Finance History | 11 Wall Street — Fourteen Dollars Below the Filed Range
· 2004-7
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Finance History | 11 Wall Street — Fourteen Dollars Below the Filed Range
kevin
People treat Domino's as an Ann Arbor delivery house that always printed DPZ on a mature royalty book.
The 2004 issuer was still paying down leveraged notes after a Bain Capital buyout.
A company release dated 12 July 2004 set the initial public offering price at 14.00 dollars a share for 24,221,929 shares. Domino's Pizza, Inc. sold 9,375,000 shares. Selling stockholders sold 14,846,929. Trading was to begin on 13 July 2004 on the New York Stock Exchange under DPZ.
Company proceeds were slated to redeem part of the 8.25 percent senior subordinated notes due 2011. J.P. Morgan and Citigroup were joint book-runners. The underwriters held an option on 3,633,289 more shares from selling holders.
Bloomberg, in the New York Times, recorded 9.4 million company shares and 14.7 million holder shares at the same 14.00 dollars, against a filed range of 15 to 17 dollars. Forbes recorded an open at the offer, a 14.10 dollar print, and a mid-session quote of 13.87 dollars on 13 July 2004.
The mechanism is a sponsor-and-founder secondary IPO. Most of the paper sold that morning was already outstanding. Holders bought a franchise royalty stream and a debt paydown, not a store-build from cash raised at the high end of the range.
The pin is the Broad Street facade of the Exchange, where the first DPZ prints were made. 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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