Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Morningstar IPO Finally Done Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, May 3, 2005

Morningstar IPO Finally Done

Reported by Sean Hanna, Editor in Chief

Morningstar has found its price. The Chicago-based firm sold its shares to the public at $18.50, a price at the high end of the expected range set by underwriter WR Hambrecht & Co. The auction defied some analysts who predicted that slack demand would mean the shares would head out of the gate at the low end of the price range.

The shares begin trading this morning on the Nasdaq under the "MORN" ticker.

Morningstar backer Softbank Finance Corp, a U.S. private equity arm of Japan's Softbank, raised $141 through the sale of its 20 percent stake in the firm. The Japanese-owned company had purchased its stake near the peak of the dotcom bubble in July 1999 for $91 million.

The IPO has navigated several hurdles on its way to market. Morningstar filed its initial S-1 in May of 2004. Reports the SEC was investigating Morningstar over publishing incorrect data Rock Canyon Top Flight Fund soon delayed the offering. A second probe into how Morningstar recommends funds to plan sponsors in its 401(k) consulting program also slowed the process.

The SEC has not filed any charges relating to the probes.

Morningstar also switched horses in mid-stream, firing its initial underwriter Morgan Stanley after it decided to conduct a Dutch auction for its shares. WR Hambrecht has been the most active underwriter of the rare type of offering.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use