Finance History | 11 Wall Street — Twenty-Four Dollars and a December Tape Called FDX
· 1978-12
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Finance History | 11 Wall Street — Twenty-Four Dollars and a December Tape Called FDX
kevin
People treat FedEx as a Memphis express name that always printed FDX after a finished holding-company book.
The 1978 issuer was Federal Express Corporation, incorporated in Delaware on 24 June 1971. Overnight operations had begun in 1973 from Memphis.
The cash offering was priced at 24.00 dollars a share on 12 April 1978, in 1978 currency. Regular trading on the New York Stock Exchange under the letters FDX began on 28 December 1978.
The later holding company, first named FDX Corporation, was incorporated in Delaware on 2 October 1997. The same three letters now print FedEx Corp., the parent of Express, Ground, and the later Freight spin.
The mechanism is a priced cash IPO that waited eight months for a Big Board tape. The April book raised equity. The December listing put the overnight network on the New York print.
The pin is the Broad Street facade of the Exchange on the morning the New York tape 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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