November 7, 1980: Apple Files Paperwork to Go Public, Sorry Massachusetts

by Chris Seibold Nov 07, 2010

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

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.

    Steve Consilvio had this to say on Nov 07, 2007 Posts: 47
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