Finance History | Nasdaq MarketSite — Thirty Dollars and One Cent After a Dutch Auction
· 2007-5
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Finance History | Nasdaq MarketSite — Thirty Dollars and One Cent After a Dutch Auction
kevin
People treat Interactive Brokers as a Greenwich screen house that always printed IBKR after a finished retail book.
The May 2007 issuer was Interactive Brokers Group, Inc., the listed wrapper for IBG LLC, an electronic market-maker and broker assembled from a business started in 1977.
The company priced 40 million Class A shares at 30.01 dollars a share on 3 May 2007 through a W.R. Hambrecht OpenIPO auction, 1.2 billion dollars in 2007 currency.
The issuer's own release said the auction clearing price was 33 dollars, that 13,504 bids were received, and that 8,282 bids filled at a 27.5 percent pro-rata rate.
All net proceeds went to existing members of IBG LLC. The company itself did not take cash from the sale.
Class A common stock began trading on 4 May 2007 on the Nasdaq Global Select Market under the letters IBKR.
MarketWatch recorded an open at 33 dollars and a close at 31.06 dollars on volume of 21 million shares.
The mechanism is a Dutch-auction listing that sold a minority public slice of a privately held electronic dealer rather than a primary raise for the operating company.
Nasdaq MarketSite at 4 Times Square opened in 2000, seven years before the IBKR first print. The pin is that public facade. 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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