UPS Stock Brings in $5.47 Billion
United Parcel Service ended more than 90 years of private ownership last week with a record breaking initial public stock offering.
The world’s largest package carrier raised $5.47 billion from the sale of 109.4 million shares Nov. 10, surpassing the previous largest IPO of $4.4 billion by Conoco in October 1998.
The trend continued the next day, when the stock hit a high of $77 a share before falling back to $73.50 at the close of trading at 4 p.m. The price surge gave the company a market valuation of $88.44 billion.
For the full story, see the Nov. 15 print edition of Transport Topics. Subscribe today.
 |  United Parcel Service |
| UPS employees Betsy Smith (left), Gail Bouer and Cesar Torres join New York Stock Exchange Chairman Richard Grasso and UPS Chairman James P. Kelly, center, in ringing the opening bell. |
UPS shares were initially priced at $50 a share, but demand among institutional investors jump-started trading at $65 a share. The stock finished the day at $67.33 a share, a gain of about 35% over the original.
 | |
