Finance History|Nasdaq MarketSite — Eighteen Dollars Into Forty-Seven After a Month Without IPOs
· 1998-9
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Finance History|Nasdaq MarketSite — Eighteen Dollars Into Forty-Seven After a Month Without IPOs
kevin
People treat eBay as a San Jose marketplace that always printed EBAY after a profitable auction book was already national.
The 1998 issuer was a three-year-old person-to-person auction site that had just come through a month with no U.S. IPOs.
The Los Angeles Times, citing Bloomberg, recorded that Goldman Sachs priced 3.5 million shares at 18.00 dollars on 23 September 1998, the top of a range raised that day from 14-16 dollars to 16-18 dollars. Gross proceeds were about 63 million dollars in 1998 currency before expenses.
Trading began 24 September 1998 on Nasdaq under EBAY. The Times recorded an opening print of 53.50 dollars and a close of 47.38 dollars.
Wired recorded a close of 47.37 dollars and more than 8.1 million shares changing hands.
Contemporaneous coverage put first-half 1998 revenue at 14.9 million dollars, against 1.7 million dollars a year earlier, and first-half net income at 215,000 dollars.
The mechanism is a profitable internet IPO priced into a closed new-issue calendar. Holders bought a take-rate on other people's listings, not a retailer carrying inventory.
The pin is the public facade of Nasdaq MarketSite at 4 Times Square, the later face of the electronic market that still prints EBAY. Interior studios are not a visitor floor.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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