Finance History|Nasdaq MarketSite — Eighteen Dollars for Three Million Book Shares Called AMZN
· 1997-5
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Finance History|Nasdaq MarketSite — Eighteen Dollars for Three Million Book Shares Called AMZN
kevin
People treat Amazon as a Seattle everything-store and a later Nasdaq-100 weight.
The first public print was a money-losing online bookstore on the Nasdaq National Market.
On 15 May 1997 Amazon.com sold 3,000,000 common shares at 18.00 U.S. dollars each.
The prospectus dated that day listed Deutsche Morgan Grenfell as lead manager, with Alex. Brown and Hambrecht and Quist as co-managers.
Gross proceeds were 54,000,000 U.S. dollars.
The underwriting discount was 1.26 U.S. dollars a share, so the company booked 16.74 U.S. dollars a share, or 50,220,000 U.S. dollars before expenses.
Underwriters held an option on 450,000 more shares.
The range had started at 12 to 14 U.S. dollars, moved to 14 to 16, and settled at 18 the night before the open.
Shares opened near 29.15 U.S. dollars, traded as high as 30, and closed at 23.50 U.S. dollars, up 5.50 from the offering price.
About 6 million shares changed hands, twice the deal size.
The prospectus described an online catalog of more than 2.5 million titles from 1200 Twelfth Avenue South in Seattle.
1996 sales were about 16 million U.S. dollars to customers in 100 countries.
The company was not profitable.
This Times Square studio did not yet exist; Nasdaq MarketSite opened on 1 January 2000.
The 1997 tape still belongs on the Nasdaq pilgrimage pin because that is where later AMZN openings were staged for the cameras.
The mechanism on day one was a conventional firm-commitment offering that priced above the filed range and still left a first-day premium.
Photo: Nasdaq MarketSite Times Square facade from the listing-collection cover.
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