Finance History | Nasdaq MarketSite — Thirteen Dollars for a Houston Tower Book
· 1998-8
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Finance History | Nasdaq MarketSite — Thirteen Dollars for a Houston Tower Book
kevin
People treat Crown Castle as a Houston tower REIT that always printed CCI on the New York Stock Exchange.
The 1998 issuer was Crown Castle International Corp., still a Nasdaq tower consolidator.
A later Form 10-K recorded the initial public offering on 18 August 1998. The company sold 12,320,000 common shares at 13.00 dollars each in 1998 currency.
Proceeds after underwriting discounts were 151.0 million dollars, before other offering expenses of about 4.1 million dollars. The planned range had been 17 to 19 dollars on a larger book.
Trading opened on Nasdaq under TWRS. The company moved the listing to the New York Stock Exchange on 25 April 2001 and took the ticker CCI.
The mechanism is a tower landlord selling stock to buy more sites. Holders in 1998 bought leases on about 1,200 towers and rooftops, not a fiber-and-small-cell REIT.
The REIT election came in 2014. The pin is the public facade of Nasdaq MarketSite at 4 Times Square, the later face of the electronic market that first printed TWRS. 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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