Finance History | 11 Wall Street — Fifty-Six Fifty for a Fifth of a Private Bank
· 1986-3
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Finance History | 11 Wall Street — Fifty-Six Fifty for a Fifth of a Private Bank
kevin
People treat Morgan Stanley as a midtown bank that always printed MS after a finished New York book.
The March 1986 issuer was Morgan Stanley Group Inc., the holding company for a partnership that had been private since the 1935 Glass-Steagall split from J.P. Morgan and Co.
The New York Times of 22 March 1986 records that the offering was priced at 56.50 U.S. dollars a share in 1986 dollars for 5.18 million shares.
The same report states that the first New York Stock Exchange print was 70.00 U.S. dollars for a 500,000-share block, that the session high was 74.25 U.S. dollars, and that the stock closed at 71.25 U.S. dollars on consolidated volume of 1.93 million shares.
The firm served as lead underwriter of its own book.
About 1.6 million of the offered shares were allocated outside the United States and Canada, and 450,000 were reserved for employees who had not previously held equity.
The mechanism is a cash initial public offering of a minority slice that put a formerly private investment bank onto the New York tape under a holding-company name.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that first printed the Group.
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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