U.S. markets closed
  • S&P 500

    4,232.60
    +30.98 (+0.74%)
     
  • Dow 30

    34,777.76
    +229.26 (+0.66%)
     
  • Nasdaq

    13,752.24
    +119.44 (+0.88%)
     
  • Russell 2000

    2,271.63
    +30.21 (+1.35%)
     
  • Crude Oil

    64.82
    -0.08 (-0.12%)
     
  • Gold

    1,832.00
    +0.70 (+0.04%)
     
  • Silver

    27.57
    +0.10 (+0.38%)
     
  • EUR/USD

    1.2170
    +0.0101 (+0.84%)
     
  • 10-Yr Bond

    1.5770
    +0.0160 (+1.02%)
     
  • GBP/USD

    1.4000
    +0.0108 (+0.77%)
     
  • USD/JPY

    108.5730
    -0.5120 (-0.47%)
     
  • BTC-USD

    58,130.49
    -737.04 (-1.25%)
     
  • CMC Crypto 200

    1,480.07
    +44.29 (+3.08%)
     
  • FTSE 100

    7,129.71
    +53.54 (+0.76%)
     
  • Nikkei 225

    29,357.82
    +26.42 (+0.09%)
     

This Day In Market History: The Priceline IPO

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Wayne Duggan
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened? On this day in 1999, Priceline.com completed its IPO.

Where The Market Was: The Dow finished the day at 9,913.26. The S&P 500 finished at 1,300.75.

What Else Was Going On In The World? In 1999, Jack Kervorkian was convicted of second-degree murder for the assisted suicide of Thomas Youk. Thirteen people were killed in a mass shooting at Columbine High School in Colorado. The average cost of a new house was $131,750.

Priceline’s Debut: Priceline went public at a price of $16 per share on March 30, 1999. Just one month later, the stock closed at $162.37, an unbelievable 914 percent one-month gain.

Unfortunately, like so many other Dot Com darlings, Priceline’s meteoric rise was short-lived. The stock tanked during the bursting of the bubble, and it ultimately lost 99 percent of its peak market cap of $23 billion by the end of 2000, bottoming at $6.37 per share. Priceline turned its first profit in 2001 and went on to become the world’s largest online hotel reservation service in 2010.

See also: How to Invest in Upcoming IPOs

After a 2017 name change to Booking Holdings Inc (NASDAQ: BKNG) the stock now trades at $2,351 per share and has a market cap of $96 billion.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.