Finance History | 11 Wall Street — GDI Stopped and IR Opened
· 2020-3
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Finance History | 11 Wall Street — GDI Stopped and IR Opened
kevin
People treat Ingersoll Rand as a Davidson compressor house that always printed IR after a finished industrial book.
The March 2020 issuer was Gardner Denver Holdings, a Milwaukee flow-control company taken private by KKR in 2013 and returned to the New York Stock Exchange on 12 May 2017 under the letters GDI.
Renaissance Capital recorded that 2017 offering as 41.3 million shares at 20 dollars a share, 826 million dollars in 2017 currency, priced below the marketed range of 23 to 26 dollars.
A company 8-K filed after the later combination states that Gardner Denver common stock ceased trading as GDI on Friday 28 February 2020 and commenced trading as IR on Monday 2 March 2020.
The same filing dates the Reverse Morris Trust close to 29 February 2020: Gardner Denver acquired the Industrial segment of Ingersoll-Rand plc, then changed its legal name to Ingersoll Rand Inc.
Legacy Ingersoll-Rand plc kept the climate businesses and began trading as Trane Technologies under the letters TT.
On a fully diluted basis the industrial book split about 50.1 percent to former Ingersoll-Rand shareholders and 49.9 percent to Gardner Denver shareholders.
The mechanism is a listed compressor company that inherited a century-old name by merger rather than by an original public offering under those letters.
The pin is the Broad Street facade of the Exchange on the Monday 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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