Nymex Seat Sells For Record $5.8 M
By Dow Jones Newswires | November 8, 2006
A New York Mercantile Exchange seat bundled with 90,000 shares sold for a record $5.8 million yesterday, as the bourse readies to go public next week.
The price, posted on the Nymex Web site, beat the previous record of $5.5 million set April 28, shortly after parent company Nymex Holdings Inc. started on the path to becoming a public company.
The exchange, which is selling about 7% of what will be its total stock, is due to price its initial public offering November 16, according to its road show presentation. That timing indicates it is due to list on the New York Stock Exchange November 17.
Nymex has 816 seatholders and in March issued them with 90,000 shares each. The shares have since been traded among seatholders.
