Finance History | 11 Wall Street — Twenty-Three Dollars for a Raleigh Aggregate Book Called MLM
· 1994-2
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Finance History | 11 Wall Street — Twenty-Three Dollars for a Raleigh Aggregate Book Called MLM
kevin
People treat Martin Marietta Materials as a Raleigh stone house that always printed MLM after a finished New York book.
The 1994 issuer was Martin Marietta Materials, Inc., the construction-aggregates subsidiary of the defense contractor Martin Marietta Corporation.
UPI dated 17 February 1994 reported that 7.65 million shares had been priced at 23.00 U.S. dollars a share in 1994 dollars, a 176 million U.S. dollar offering in 1994 dollars.
The same dispatch said the parent would keep at least 83 percent of the subsidiary, or 81 percent if the 1.15 million-share overallotment was taken.
First-day trading on this exchange closed at 24.625 U.S. dollars in 1994 dollars, up 1.625 from the offering price.
The subsidiary had been incorporated the previous November and was headquartered in Raleigh, North Carolina, with about 2,500 employees and 450 million U.S. dollars of 1993 revenue.
The parent later merged with Lockheed in 1995; the aggregates book stayed a separate listed company under MLM.
The mechanism is a partial initial public offering that left control with the defense parent while opening a quarry book on the Big Board tape.
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 MLM.
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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