Finance History|11 Wall Street — Twelve Twenty-Five for Four Hundred Thousand Hardware Shares
· 1979-12
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Finance History|11 Wall Street — Twelve Twenty-Five for Four Hundred Thousand Hardware Shares
kevin
People treat Lowe's as a Mooresville home-improvement house that always printed LOW after a finished New York book.
The 1961 issuer was Lowe's Companies, Inc., a North Carolina hardware chain that had remained closely held after Carl Buchan became sole owner in 1952.
The company's own history pages date the initial public offering to 10 October 1961.
Those pages put the first-day sale at roughly 400,000 shares at 12.25 U.S. dollars a share in 1961 dollars.
A later first-person account of the syndicate work restates the same 12.25 U.S. dollar public price and puts the registered block near 415,000 shares.
That 1961 book did not yet print on this exchange.
The same company pages date the New York Stock Exchange listing to 19 December 1979, when the hardware shares moved onto the Big Board under LOW.
The letters LOW still open on the New York Stock Exchange.
The mechanism is a 1961 cash initial public offering whose later New York listing kept one set of letters for the North Carolina stores.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the present street marker for the tape that prints LOW.
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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