Finance History|Nasdaq MarketSite — Seventeen Dollars for a Minority Stake in Uniforms
· 1983-8
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Finance History|Nasdaq MarketSite — Seventeen Dollars for a Minority Stake in Uniforms
kevin
People treat Cintas as a Mason, Ohio, uniform house that always printed CTAS on Nasdaq.
The 1983 issuer was still a regional rental chain that had taken the Cintas name only in 1972.
A standard company history records that Richard Farmer sold a minority stake on the over-the-counter market at 17 dollars a share in 1983.
Daily price files begin on 19 August 1983.
The company's own 2023 Nasdaq anniversary release gave fiscal 1984 results, the year of the offering: 63 million dollars of revenue and 5.5 million dollars of profit, with a market capitalization of almost 111 million dollars in then currency.
The same release stated that the first dividend was paid the year the stock listed, and that the payout has been raised every year since.
The 17-dollar figure is the unadjusted offer. The 0.94 dollars the company quoted in 2023 is the same price after later splits.
The mechanism is a minority float used as acquisition currency. Revenues then doubled from 63 million dollars in 1983 to 123.7 million dollars in 1987.
Nasdaq MarketSite at 4 Times Square opened in 2000, seventeen years after this print. The pin is that public facade. 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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