Finance History | 11 Wall Street — Nine Dollars for Five Million Contractor Shares Called PWR
· 1998-2
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Finance History | 11 Wall Street — Nine Dollars for Five Million Contractor Shares Called PWR
kevin
People treat Quanta as a Houston infrastructure contractor that always printed PWR after a finished New York book.
The February 1998 issuer was Quanta Services, Inc., a Delaware company formed in August 1997 to combine four specialty contractors: PAR Electrical Contractors, Union Power Construction, TRANS TECH Electric, and Potelco.
A later company filing records the offering: 5,000,000 common shares priced at 9 dollars a share in 1998 currency on 12 February 1998, listed on the New York Stock Exchange under the letters PWR. An overallotment of 750,000 shares sold in March at the same 9-dollar price. Net proceeds from both sales were about 45.1 million dollars.
Part of the cash paid the founding firms. The rest, plus a new bank line, funded a roll-up of regional contractors that followed the listing.
The present tape is PWR on the New York Stock Exchange.
The mechanism is a roll-up IPO. Four private shops became one listed parent so the parent could buy the next dozen with stock and cash.
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 PWR.
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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