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