Finance History | Nasdaq MarketSite — Seven Point Seven Million for a Rochester Payroll Book Called PAYX
· 1983-8
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Finance History | Nasdaq MarketSite — Seven Point Seven Million for a Rochester Payroll Book Called PAYX
kevin
People treat Paychex as a Rochester payroll house that always printed PAYX after a finished Nasdaq book.
The August 1983 issuer was Paychex, Inc., the company that succeeded the payroll service started in Rochester in 1971 and incorporated in 1979.
The company's investor FAQ records that Paychex became a public company in 1983 and that the common stock trades on Nasdaq under PAYX.
Independent listings tables date the first public session to 26 August 1983. A compiled company history records that the offering raised 7.7 million dollars in 1983 cash.
The present tape is still PAYX on the Nasdaq Stock Market.
The mechanism is a small-business payroll book crossing onto the electronic tape. The company sold stock to fund a national branch network rather than remaining a privately held Rochester shop.
The pin is the public Times Square facade of Nasdaq MarketSite, the present street marker for the tape that has printed PAYX.
Interior trading is not visitable from the sidewalk.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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