Remember When PayPal Went Public 13 Years Ago?
EBay Inc (NASDAQ: EBAY) will soon spin off Paypal, its electronic payments service.
The decision was announced in late February, ending with the speculation that had been building up since the parent company had announced the separation in September 2014 – or even earlier.
Related Link: Here's How eBay Will Split
However, what some might now know is that Paypal, Inc. went public 12 years ago, in 2002. That’s right -- in February, 2002, the California-based company held a public offering of 5.4 million shares of Common Stock, sold at a price of $13.00 per share, for a total of $70.2 million.
The stock was traded on the Nasdaq exchange, under the PYPL symbol. Nonetheless, its public status lasted only a few months. In July 2002, eBay entered into a merger agreement that stipulated the absorption of PayPal, effective as of October 3, 2002, when the latter got delisted. EBay paid $1.5 billion for all of PayPal's shares at the time.
PayPal will once again be a standalone company and prospects look good. Now all that’s left is waiting for the day the IPO finally arrives.
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