Few people know that Apple Inc. (NASDAQ:AAPL) IPO 33 years ago created about 300 instant millionaires. And 40 of them were Apple Inc. (NASDAQ:AAPL) investors and employees. The Cupertino-based tech giant went public on December 12, 1980 by offering 4.6 million shares at $22 each. At the time it was the biggest IPO since Ford Motor Company (NYSE:F)’s offering in 1956. Apple Inc. (NASDAQ:AAPL)’s IPO had produced more millionaires than any other company in history at the time. Steve Jobs made $217 million at the offering.
Apple’ shares tanked below $10 several times
On its debut, Apple Inc. (NASDAQ:AAPL) shares sold out immediately. Shares appreciated 32% on opening day, taking the market capitalization to $1.778 billion. Since then, the tech giant’s shares have soared 15497.42% to around $562 today. The stock has seen several ups and downs along the way, falling below $10 in 1990s.
Apple Inc. (NASDAQ:AAPL) used proceeds of the IPO to fund the development of Macintosh and Lisa. The company consistently paid dividends between 1987 and 1995. However, the company suffered a setback when a court decision transferred its Macintosh-related patents to Microsoft Corp (NASDAQ:MSFT). Apple Inc (NASDAQ:AAPL)’s stock price began to deteriorate, it had to stop dividend payments, and investors began to lose hope. Then, Microsoft Corporation (NASDAQ:MSFT) invested $150 million in Apple Inc (NASDAQ:AAPL), when the Cupertino-based company was on the verge of bankruptcy.
The comeback story
The acquisition of NeXT Inc. marked the return of Steve Jobs at the company he co-founded. Apple Inc. (NASDAQ:AAPL) began focusing on innovation and growth, that pushed its shares to $30 in 2000. Years of investment in mobile devices and technologies put Apple Inc. (NASDAQ:AAPL) on the fast track of expansion. The stock jumped between 2004 and 2008 with the launch of blockbuster devices like iPod and iPhone. Since its launch, the iPhone has become one of the most successful technological products ever created.
But global financial crisis in 2008-09 began to pull Apple Inc (NASDAQ:AAPL)’s stock down as it tanked to $82.33 in early 2009. But the stock recovered soon at touched an all-time high of $705 in September 2012. Though lack of a new revolutionary product hampered the stock throughout this year, it still trades at around $560.