Finance History | 11 Wall Street — Seven Million Rental Shares at Thirteen Fifty Called URI
· 1997-12
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Finance History | 11 Wall Street — Seven Million Rental Shares at Thirteen Fifty Called URI
kevin
People treat United Rentals as a Stamford equipment-rental house that always printed URI after a finished New York book.
The letters arrived as a cash IPO of a Delaware company incorporated in August 1997.
An SEC Form S-1/A dated 3 December 1997 records an offering of 7 million common shares, approved for listing on the New York Stock Exchange under URI, at an estimated range of 12 to 14 dollars a share.
FundingUniverse, following the company's early filings, records that the book went public in December 1997 and traded at 13.50 dollars a share.
StatMuse's daily series records an 18 December 1997 close of 14.44 dollars on volume of 1,905,200 shares.
The same S-1 records that rental operations had begun only in October 1997 by buying six initial shops.
The mechanism of 18 December 1997 is a cash IPO of a months-old roll-up, not a seasoned operator listing an old book.
The pin is the Broad Street facade of the Exchange, where URI 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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