Finance History | 11 Wall Street — One Hundred Nine Million Class B Shares at Fifty Called UPS
· 1999-11
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Finance History | 11 Wall Street — One Hundred Nine Million Class B Shares at Fifty Called UPS
kevin
People treat United Parcel Service as an Atlanta parcel house that always printed UPS after a finished New York book.
The letters arrived as a Class B cash IPO of a privately held messenger company founded in 1907.
A New York Times report dated 10 November 1999 records that underwriters led by Morgan Stanley Dean Witter priced 109.4 million Class B shares at 50 dollars a share.
The same report records that the sale raised 5.47 billion dollars in 1999 currency and represented a 9 percent stake.
UPI the same day records that the stock opened at 64 dollars on the New York Stock Exchange and climbed to 66.75 dollars as more than 42 million shares changed hands in the first 30 minutes.
Wired, writing that afternoon, records a first-day close of 68.25 dollars.
The Class B shares carried less voting power than the Class A book that stayed with employees and managers.
The mechanism of 10 November 1999 is a cash IPO of a minority non-voting slice, not a listing of the whole firm.
The pin is the Broad Street facade of the Exchange, where UPS first printed on the New York tape. 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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