Abstract:
Western Union IPO launch invigorated the prices of shares. Western Union IPO was launched in the year 2006. The company is one of the oldest ones to have made its debit in the Dow Jones listing. The article below highlights certain facts about the company and its IPO.
Western Union was set up in the year 1851. The first average Dow Jones listing had 11 companies originally, Western Union was one of them. The company commenced trading on the New York Stock Exchange in the year 1865. Western Union was acquired by First Financial Management Corporation in the year 1994. First Data Corporation, of which, Western Union was a subsidiary was seen merging with First Financial in the year 1995. Since its acquisition in the year 1994, Western Union has not enjoyed the status of a public company.
The company is a well known provider of "money transfer". Western Union's recorded about 119 million "consumer to consumer" money transfers in the year 2005. These services were introduced by the company in the year 1871. Increase in the number of money transfers were 23% as compared to the previous year (2004).
In 2005, as many as 215 million transactions pertaining to "consumer to business" money transfers took place. This was again an increase of 12% as compared to 2004 in this category.
The Deal:
In the year 2006, Western Union IPO was filed for. It went public by offering shares worth $93.5 million IPO. Under the Western Union IPO as many as 22 million shares were made available to the public. The cost of each share was $4.52.
Listing of the shares of the Western IPO:
The shares traded on the New York Stock Exchange with the symbol "WU". After the Western Union IPO was launched, share prices of the company escalated. The share price increased to $20.08 per share and on the lower side attained $19.76 per share.
The proceeds of the Western Union IPO would be utilized for funding the various corporate activities of this provider of money transfer.