Finance History|11 Wall Street — Twenty-Three Dollars for a Fleet Card Book
· 2010-12
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Finance History|11 Wall Street — Twenty-Three Dollars for a Fleet Card Book
kevin
People treat Corpay as an Atlanta payments house that always printed CPAY.
The 2010 issuer was FleetCor Technologies, Inc., a Norcross, Georgia fleet-card company backed by Summit Partners and Bain Capital.
A company release dated 14 December 2010 priced 12,675,000 common shares at 23 dollars each.
Only 430,961 shares were sold by the company. The rest came from selling stockholders.
Reuters recorded the first-day close on 15 December 2010 at 27.25 dollars, 18.5 percent above the offer, on the New York Stock Exchange under FLT. Bloomberg put the deal size near 292 million dollars in 2010 currency.
On 25 March 2024 the parent rebranded as Corpay, Inc. and the common began trading under CPAY.
The mechanism is a private-equity exit through a mostly secondary offering. Buyers in 2010 purchased fleet fuel cards, not the later lodging and payables suite.
The pin is the Broad Street facade of the Exchange, where FLT printed and where CPAY still prints. Interior trading is not visitable from the sidewalk.
Photo: Arild Vågen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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