Finance History | 11 Wall Street — Twenty Percent of a Grasberg Book
· 1988-5
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Finance History | 11 Wall Street — Twenty Percent of a Grasberg Book
kevin
People treat Freeport-McMoRan as a Phoenix copper shop that always printed FCX after a finished mine book.
The 1988 issuer was Freeport-McMoRan Copper Company, Inc.
The parent then printed FTX on the New York tape.
After the Grasberg copper and gold discovery in Papua, that parent sold 20 percent of the copper company in an initial public offering.
The new letters FCX opened on the New York Stock Exchange in 1988.
Company history dates the listing to that year.
Market records commonly give 5 May 1988 as the first printed session.
The remaining 80 percent left the parent in a 1995 spin.
The name later lengthened to Freeport-McMoRan Copper and Gold Inc., then shortened again in 2014.
The mechanism is a subsidiary float after a discovery, not a cash raise for a new miner.
The pin is the Broad Street facade of the Exchange on the morning the FCX 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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