What are some of the companies that had their IPO in 2002? The initial public offering (IPO) is the debut of a company on a stock exchange. When a company completes its IPO, it can be traded publicly on an exchange and the IPO investors may begin to sell their shares. Stock exchanges do not provide funds or assistance to companies with their IPOs. The exchange simply charges a fee to list and trade the stock and acts as a middleman between buyers and sellers. In this article, we will cover some important companies that had their IPO in 2002. Most of these companies are still in business today.
8 Companies that had their IPO in 2002
The year 2002 was a good one for initial public offerings (IPOs). The stock market was strong, and many companies were able to raise a lot of money. Here are eight companies that had their IPO in 2002:
1. Alcon
With its headquarters in Geneva, Switzerland, and its incorporation in Fribourg, Switzerland, Alcon is an American-Swiss medical firm that specializes in eye care solutions. The Alcon part of the corporation was formed in Fort Worth, Texas. Where Alcon was first established as a US company.
Prior to the company’s completion of a shareholder-approved 100% spinoff of Alcon’s eye care products division from Novartis on April 9, 2019, Alcon was a Novartis subsidiary. In 2002, Nestlé sold a quarter of its equity in Alcon through an IPO.
2. PayPal Holdings, Inc.
PayPal Holdings, Inc. is an American international financial software business. It operates a digital credit system in the largest number of countries. It enables online funds transfer, serving as a digital replacement for traditional paper techniques such as checks and money orders. The company requires a fee to act as a credit card processor for online retailers, similar websites, and other corporate clients.
PayPal came into being in 1998 as Confinity and went public in 2002 with an IPO. Later that year, eBay acquired it at a whooping $1.5 billion. In 2015, eBay split PayPal among its stockholders, restoring PayPal’s independence. The company was 143rd by revenue in 2022 on the Fortune 500 list of the largest corporations in the United States.
3. Netflix, Inc.
Netflix, Inc. is a Los Gatos, California-based creation and broadcasting platform operated by Americans. The company, known as Netflix, was created on August 29, 1997, in Scotts Valley, California. By Reed Hastings and Marc Randolph. It delivers a library of movies and TV shows through distribution agreements in addition to its own works – Netflix Originals.
Comprising 73.3 million in the United States and Canada; 73.0 million in Europe, the Middle East, and Africa; 39.6 million in Latin America; and 34.8 million in the Asia-Pacific area, Netflix had 220.7 million users globally as of June 30, 2022. Netflix is a part of the Motion Picture Association. Therefore it has played an important part in the production of independent movies (MPA). Despite having seen rapid development in the beginning of 2001, Netflix delayed its initial IPO preparations. It also had to fire one-third of its 120 workers. Due to the ongoing repercussions of the dot-com implosion and the September 11 attacks.
4. Pinnacle Financial Partners
On February 20, 2000, twelve businessmen from Nashville who wanted to establish a community-owned economic enterprise started the company. The business went public on the NASDAQ in May 2002 with the ticker PNFP. Pinnacle obtained naming rights for The Pinnacle at Symphony Place, a new skyscraper in Downtown Nashville. The company leased 65,000 square feet (6,000 m2) of space there and moved in in 2010.
North Carolina, BNC Bank of High Point has locations in North Carolina, South Carolina, and Virginia. It joined Pinnacle on January 22, 2017, according to a press release. The $1.9 billion final transaction, on June 16, 2017, gave Pinnacle operations in four states.
5. Loews Cineplex Entertainment
Loews Cineplex Entertainment, popularly called Loews Incorporated, was the oldest theater business in North America. Launched on June 23, 1904, by Marcus Loew. It was also the parent corporation of Metro-Goldwyn-Mayer Studios from 1924 to 1959. (MGM).
The company was first known as “Loew’s,” after its owner, Marcus Loew. When the Tisch brothers bought the company in 1969, they renamed it “Loews”. In 1998, the company amalgamated with the Canadian-based Cineplex Odeon Corporation, only to go bankrupt in 2001.
Onex Corporation and Oaktree Capital Management in 2002 bought Loew’s. Then the firm prepared for an initial public offering (IPO). On January 26, 2006, the firm amalgamated with AMC Theatres, while the Canadian operations merged with Cineplex Galaxy in 2003.
6. GameStop Corp.
The American company GameStop Corp. sells online games, gadgets, and gaming-related products. Its corporate office is in Grapevine, Texas, and it is the biggest retailer of video games globally. As of January 29, 2022, the business maintained 4,573 stores. Comprising 3,018 in the United States, 231 in Canada, 417 in Australia, and 907 in Europe. Operating under the GameStop, EB Games Australia, EB Games, ThinkGeek, Micromania-Zing, and Zing Pop Culture brands. Original name of Babbage’s, the business came into being in Dallas in 1984. In 1999, it adopted its present name.
The business once more became a publicly traded company in February 2002 through an IPO. With 67% of the shareholding and 95% of the voting shares, Barnes & Noble continued to own the majority of the newly public company’s shares. Up until October 2004, when it divided its 59% ownership of GameStop to shareholders of Barnes & Noble. The company was still under the control of Barnes & Noble.
7. Verint Systems
In 2002, Melville, New York-based analytics firm Verint Systems was established. The business offers hardware and software for corporate information and customer interaction management. Their products help customers with data analysis, especially with regard to massive data sets. Verint achieved an IPO in May 2002 and went public, however, Comverse Technology retained a majority stake.
8. SIRVA, Inc.
Allied Van Lines and North American Van Lines merged to form SIRVA, Inc. An American moving industry holding corporation with headquarters in Oakbrook Terrace, Illinois. The verb service, which means “to serve” in Latin, was used to create the company name.
When the Allied and North American businesses of private equity group Clayton, Dubilier & Rice were combined, the company was created in 1999. SIRVA, Inc. was rebranded Allied Worldwide on February 11, 2002. Following the company’s initial public offering announcement, its common stock was admitted to trading on the New York Stock Exchange. Under the ticker symbol “SIR”. It generated $2.35 billion in revenue and had $1.55 billion in assets.
Final Words
This isn’t a serious list, but we assembled it to see what companies had IPO’d in 2002. It’s surprising how many high-profile ones were on the list. There are plenty of household names on the list, some of whom have done pretty well following their IPOs. If you’re interested in investing in start-ups, these are good candidates. Although you might want to pay extra attention since this is a relatively new trend for them.
