November 7, 1980: Apple Files Paperwork to Go Public, Sorry Massachusetts
Apple became a partnership on April 1, 1976. Success came rapidly and soon the company began passing out shares to valued employees and founders. A lot of shares went to the founders.
Apple IIs were selling well and Apple decided to raise cash (and personal net worth) by going public. The company opted to use the services of Morgan Stanley and Hembrecht & Quist to push the move forward.
The underwriters decided to price Apple shares at $14 each, a price point which put the PE at 92 and meant residents of Massachusetts couldn't participate (Apple was deemed "too risky"). The paperwork to make Apple a public company was filed this week in 1980.
Source: Apple Confidential 2.0 59
Share this article
del.icio.us
Digg
Facebook
Slashdot
StumbleUpon
Comments
That was the day Apple died, in many ways. Steve lost control of the company eventually, and now that he is back, everything he does is with an eye towards stockholders and share value.
He is part genius and part prostitute.
Hello, my group is just establishing our first website, searching and working out what is needed. This blog stuck out right away. I’m fired up about this, and adore the design of your site. Are you able to let me know what “theme” it is?>>blank cd