Finance History|11 Wall Street — Twenty-Seven Dollars for Seventy-Eight Point Five Million Shares Called ALL
· 1993-6
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Finance History|11 Wall Street — Twenty-Seven Dollars for Seventy-Eight Point Five Million Shares Called ALL
kevin
People treat Allstate as a Northbrook insurer that always printed ALL beside a good-hands mark.
The listed book arrived as a slice of Sears.
Sears, Roebuck and Co. sold 78.5 million Allstate Corporation common shares at 27.00 U.S. dollars on 2 June 1993. The New York Times and UPI both recorded more than 2.1 billion U.S. dollars raised in 1993 currency, then the largest initial public offering by an American company.
The range in the preliminary prospectus had been 24 to 27 U.S. dollars. The print sat at the top of it.
UPI recorded that trading began on 3 June 1993 on the New York Stock Exchange and the Midwest Stock Exchange under the letters ALL. The first New York session closed at 29.375, up 2.375, on 28.3 million shares.
Sears still held about 82.1 percent after the sale. The 1931 catalog company is a separate memory.
Proceeds were slated to repay more than 1.5 billion U.S. dollars of debt and to put 350 million U.S. dollars of capital into Allstate Insurance Company.
The pin is the Broad Street facade of the exchange that took the insurer. The trading floor is not a visitor gallery.
The mechanism is a parent-company carve-out that sold a minority of an insurer to cut the parent's debt without giving up control.
Photo: New York Stock Exchange, via the collection photograph already ingested for Big Board listings.
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