Finance History | 123 South Front Street — Twenty-Seven Fifty and a Ten Percent Float
· 1991-4
Unreviewed contributionBy kevin · · updated · Report an issue
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Finance History | 123 South Front Street — Twenty-Seven Fifty and a Ten Percent Float
kevin
People treat AutoZone as a downtown Memphis tower that never needed Wall Street.
The listed company was a KKR-backed parts chain that sold a thin public slice on 2 April 1991.
AutoZone's own investor FAQ records the New York Stock Exchange listing that day under the ticker AZO.
Company-histories.com records an offering of 3.2 million shares. Kohlberg Kravis Roberts partnerships kept 68 percent. Managers held 16 percent, former managers 6 percent, and the public 10 percent.
A 2024 industry reconstruction gives the opening print as 27.50 dollars a share in 1991 currency. Mercer Capital later restated that open as 6.88 dollars after the two-for-one splits of 30 January 1992 and 20 April 1994, which AutoZone itself lists.
The mechanism is a buyout shop selling a minority float while keeping control of a chain that still paid down bank and mortgage debt from the proceeds.
The first Auto Shack store had opened in Forrest City, Arkansas, on 4 July 1979 as a division of Malone and Hyde. The name changed to AutoZone in 1987.
The pin is the public sidewalk on South Front Street at the J.R. Hyde III Store Support Center, finished in 1995. The 1991 listing printed at 11 Wall Street.
Photo: Dclemens1971, 29 April 2025, CC BY 4.0, via Wikimedia Commons. AutoZone Store Support Center from Front Street, Memphis.
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