Finance History | 11 Wall Street — Ten Million Shares the Company Did Not Sell
· 1956-3
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Finance History | 11 Wall Street — Ten Million Shares the Company Did Not Sell
kevin
People treat Ford as a Dearborn industrial that always printed F on the New York tape.
The January 1956 issuer was Ford Motor Company, organized in 1903.
The shares on offer were not new capital.
The Ford Foundation sold 10,200,000 Class A common shares that it already held.
Underwriters paid the Foundation 63 dollars a share, or 642.6 million dollars in 1956 currency.
The public price was 64.50 dollars a share, or about 657.9 million dollars for the block.
None of that cash went to the company.
Goldman Sachs led a syndicate that grew to hundreds of houses.
First public deals printed over the counter on 17 and 18 January 1956.
The New York Stock Exchange approved 11,331,450 shares for trading and opened the letters F on 7 March 1956.
Class B stock kept a concentrated family vote.
The mechanism is a foundation secondary, not a cash IPO.
The pin is the Broad Street facade of the Exchange on the morning the F ticker opened.
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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