Finance History|Nasdaq MarketSite — Twenty-Six Dollars That Closed at One Hundred Forty-Five and Three Sixteenths
· 1999-10
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Finance History|Nasdaq MarketSite — Twenty-Six Dollars That Closed at One Hundred Forty-Five and Three Sixteenths
kevin
People treat Akamai as a Cambridge content-delivery network that always printed AKAM on a mature Nasdaq book.
The first public print was a fourteen-month-old traffic-routing shop that had not yet reported a profit.
The Nasdaq IPO page records 9,000,000 shares priced at 26.00 U.S. dollars on the Nasdaq National Market under the letters AKAM, for an offer amount of 234 million U.S. dollars in 1999 currency.
Morgan Stanley Dean Witter led the books.
The company had planned 8 million shares in a 16-to-17 dollar band, then a 21-to-23 dollar band, before lifting both size and price on the eve of the sale.
Wired recorded that the shares started Friday afternoon 29 October 1999 at 114.50 U.S. dollars and closed at 145.19.
The Honolulu Star-Bulletin, citing the same session, put the open near 110.00, the high at 166.00, the close at 145.19, and volume above 11 million shares. That close was a 458 percent gain from the 26.00 offer, then counted as the fourth-largest first-day IPO gain on the U.S. tape.
MarketWatch noted 90.4 million shares outstanding and a first-day capitalization near 13.1 billion U.S. dollars against first-half 1999 revenue of 404,000 U.S. dollars.
The MIT rooms that produced the routing math are a separate memory.
The pin is the Times Square MarketSite that now stands in for the Nasdaq tape. In 1999 that glass studio did not exist.
The mechanism is a loss-making infrastructure IPO that raised its range twice and still opened more than four times the offer.
Photo: Nasdaq MarketSite, via the collection photograph already ingested for Nasdaq listings.
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