Finance History | 11 Wall Street — Three Point Two Million Shares and a KKR Book Called AZO
· 1991-4
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Finance History | 11 Wall Street — Three Point Two Million Shares and a KKR Book Called AZO
kevin
People treat AutoZone as a Memphis parts retailer that always printed AZO on a mature Big Board book.
The first public print was a KKR-controlled Auto Shack successor selling a sliver of itself.
AutoZone's investor FAQ records that the shares listed on the New York Stock Exchange on 2 April 1991 under AZO.
FundingUniverse's company history, drawing on contemporary offering structure, records that 3.2 million shares were offered and that Kohlberg Kravis Roberts investment partnerships retained 68 percent after the sale.
Managers kept about 16 percent. Former managers kept about 6 percent.
The public float was about 10 percent.
KKR did not exit. The partnerships used the listing to reduce bank and mortgage debt at the operating company and to put a price on a stake they still held.
The company had opened its 500th store in 1989. The name AutoZone had replaced Auto Shack in 1987.
The mechanism is a leveraged-buyout owner listing a minority slice while keeping control of the book.
A 3.2 million share print that leaves 68 percent with the buyout partnerships is not a widely held seasoned issue. It is a priced stub.
The pin is the Broad Street facade of the Exchange, where AZO 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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