Finance History | Nasdaq MarketSite — Nine Dollars for a Thousand Fastener Shares
· 1987-8
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Finance History | Nasdaq MarketSite — Nine Dollars for a Thousand Fastener Shares
kevin
People treat Fastenal as a Winona distributor that always printed FAST after a finished industrial-supply book.
The August 1987 issuer was Fastenal Company, founded in 1967 in Winona, Minnesota. The first full year of sales was 17,926 dollars in 1968 currency.
The original vending-machine plan did not last.
On 20 August 1987 the Nasdaq tape opened the letters FAST. The company's own later annual report records that 1,000 shares bought on that day cost 9,000 dollars, or 9.00 dollars a share in 1987 currency.
The shop count at the offering was 52 branches. Sales in 1987 were about 20 million dollars.
Five years later sales were about 81 million dollars, funded by the cash raised on that tape.
The mechanism is a cash listing of a Midwestern fastener chain into a dealer market. Public equity paid for stores.
The same four letters still print.
Nasdaq MarketSite at 4 Times Square is the public facade for that tape. Interior studios are not a visitor floor.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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