2003 is a year that had some similarities with 2020.
With a global health crisis and natural disasters, it seems that history repeats itself.
And of course, there were ramifications to the financial markets.
In this article, we're going to review the 130+ companies that had their IPO in 2003 and how they're performing today.
Major world events that happened in 2003 that affected the stock markets
Invasion of Iraq continues: The United States, supported by a coalition of countries, launched a military invasion of Iraq in March 2003, leading to the overthrow of Saddam Hussein's regime. The invasion was based on the claim that Iraq possessed weapons of mass destruction (WMD), which were not found.
SARS Outbreak: Severe Acute Respiratory Syndrome (SARS) emerged as a global health crisis in early 2003. The disease spread rapidly, causing significant illness and death in multiple countries. The outbreak was eventually contained by mid-2003. This is somewhat similar to the current COVID crisis faced.
European Heatwave: A severe heatwave struck Europe in the summer of 2003, resulting in thousands of deaths across the continent. High temperatures and heat-related illnesses put a strain on healthcare systems and highlighted the vulnerability of certain populations.
4 notable companies that went public in 2003
1. Buffalo Wild Wings (Acquired by Arby's)
- Country: United States of America
- Stock Exchange: New York Stock Exchange (NYSE)
- Industry: Restaurant
- IPO Price: $17
- IPO Date: November 21, 2003
Buffalo Wild Wings is a restaurant chain that specializes in wings, beer, and sports. They're hands down one of my favorite spots for wings! They offer a variety of flavors, a wide selection of beers, and a lively atmosphere for watching sports (another bonus). They were eventually acquired by Arby's in 2018.
2. Seiko Epson
- Country: Japan
- Stock Exchange: Tokyo Stock Exchange (TYO)
- Industry: Computer Hardware
- IPO Price: N/A
- IPO Date: June 27, 2003
Epson seems like a boring company at first, however, these are usually the companies that perform the best. Most of us rely on Epson for our printing, but they produce more than printers. They're a global technology leader dedicated to connecting people, things, and information with its original efficient, compact, and precise technologies. They offer a wide range of products including printers, projectors, scanners, robots, and industrial automation equipment. They also provide services such as printing, scanning, and document management solutions.
3. Netgear
- Country: United States of America
- Stock Exchange: NASDAQ
- Industry: Communication Equipment
- IPO Price: $14
- IPO Date: July 31, 2003
Netgear is a global networking company that provides connectivity products to consumers, businesses, and service providers. Their product range includes routers, switches, modems, WiFi systems, and security solutions. Netgear also provides cloud-based services, such as remote access, storage, and backup. Its products are designed to provide reliable, secure, and high-performance networking solutions.
4. Trip.com Group
- Country: Singapore
- Stock Exchange: NASDAQ
- Industry: Travel Services
- IPO Price: $2.46
- IPO Date: 12 December 2003
Trip.com Group is a leading online travel service provider, offering comprehensive travel-related services to customers and partners worldwide. It provides a one-stop travel booking platform for flights, hotels, packages, car rentals, airport transfers, and other travel-related services. They compete with companies such as Airbnb and Booking.com.
The 161 companies that had their Initial Public Offering (IPO) in 2003
| Company Name | Year Founded | Ticker Symbol | Current Status |
|---|---|---|---|
| Accredited Home Lenders | 1990 | LEND | Inactive |
| Acusphere Inc | 1993 | ACUS | Inactive |
| Advancis Pharmaceutical Corp | 1999 | AVNC | Inactive |
| Advent Claymore Conv Sec Fund | -99 | AVK | Active |
| Amer Equity Investment Life | 1995 | AEL | Active |
| American Finl Realty Trust | -99 | AFR | Active |
| AMIS Holdings | 1966 | AMIS | Unknown |
| Anchor Glass Container Corp | 1993 | AGCC | Active |
| Ashford Hospitality Trust Inc | -99 | AHT | Active |
| Aspen Insurance Holdings Ltd | 2002 | AHL | Acquired |
| Axis Capital Holdings Ltd | 2001 | AXS | Active |
| Bancshares of Florida Inc | 1998 | BOFL | Active |
| BlackRock Divi Achievers Trst | -99 | BDV | Active |
| BlackRock Florida Mun 2020 | -99 | BFO | Active |
| Blackrock Ltd Duration Inc Tr | -99 | BLW | Active |
| BlackRock Municipal 2020 Term | -99 | BKK | Active |
| Blackrock Preferred Opp Trust | -99 | BPP | Active |
| Buffalo Wild Wings Inc | 1982 | BWLD | Acquired by Arby's. |
| Calamos Cvt and High Inc Fund | -99 | CHY | Active |
| Callidus Software Inc | 1996 | CALD | Acquired by SAP. |
| CancerVax Corp | 1998 | CNVX | Inactive |
| Capitalsource Inc | 2000 | CSE | Acquired |
| Carters Inc | 1865 | CRI | Active |
| Centennial Specialty Food | 1998 | CHLE | Active |
| Central Freight Lines Inc. | 1925 | CENF | Active |
| China Life Insurance Company L | 1949 | LFC | Active |
| Citadel Broadcasting Corp | 1984 | CDL | Acquired by Cumulus Media Inc. |
| Coast Financial Holdings Inc | 2000 | CFHI | Acquired. |
| Cohen & Steers REIT Pref Fund | -99 | RNP | Active |
| Compass Minerals International | 1900 | CMP | Active |
| Conn's Inc | 1890 | CONN | Active |
| Corporate High Yield Fund VI | -99 | HYT | Active |
| Ctrip.com International | 1999 | CTRP | Active |
| Digital Theater Systems Inc | 1990 | DTSI | Acquired by Xperi Corporation. |
| DigitalNet Holdings Inc | 1973 | DNET | Inactive |
| Direct General Corp | 1991 | DRCT | Acquired by National General Holdings Corp. |
| Eaton Vance Floating Rate | -99 | EFR | Active |
| Eaton Vance Limited Duration | -99 | EVV | Active |
| Eaton Vance Tax Advantaged Div | -99 | EVT | Active |
| Endurance Specialty Holdings | 2001 | ENH | Acquired by Sompo International. |
| Evergreen Income Adv Fund | 1932 | EAD | Active |
| Evergreen Managed Income | -99 | ERC | Active |
| F&C Claymore Preferred Fund | -99 | FFC | Active |
| Falcon Financial Investment Tr | 1997 | FLCN | Active |
| First Marblehead Corp | 1991 | FMD | Inactive |
| First Potomac Realty Trust | -99 | FPO | Acquired |
| First Trst Value Line 100 Fund | -99 | FVL | Active |
| First Trust Val Line Div Fund | -99 | FVD | Active |
| First Trust/Four Corners Sen | -99 | FCM | Active |
| Flaherty & Crumrine/Claymore | -99 | FLC | Active |
| Floating Rate Income Fund Inc | -99 | FRA | Active |
| FormFactor Inc | 1993 | FORM | Active |
| Frank Temp Lim Dur Inc Trust | -99 | FTF | Inactive |
| Franklin Bank Corp. | 2001 | FBTX | Acquired. |
| Gabelli Dividend & Inc Trust | 2003 | GDV | Active |
| Genitope Corp | 1996 | GTOP | Inactive |
| Gladstone Commercial Corp | -99 | GOOD | Active |
| Highland Hospitality Corp | 1999 | HIH | Unknown |
| Highland Hospitality Corp. | 2003 | HIH | Unknown. |
| Infinity Prop & Casualty Corp | 2001 | IPCC | Active |
| ING Clarion RE Income Fund | -99 | IIA | Active |
| Integrated Alarm Services | 1985 | IASG | Active |
| International Steel Group Inc. | 1901 | ISG | Acquired by Mittal Steel Company. |
| InterVideo Inc | 1998 | IVII | Acquired by Corel Corporation. |
| Ipass Inc | 1996 | IPAS | Active |
| iPayment Inc | 1992 | IPMT | Acquired. |
| John Hancock Pref Inc Fund III | -99 | HPS | Active |
| Journal Co | 1882 | JRN | Active |
| Kintera Inc. | 2000 | KNTA | Acquired. |
| Knology Inc. | 1896 | KNOL | Acquired. |
| LECG Corp | 1988 | XPRT | Inactive |
| Leh Bros First Trust Opp Fund | -99 | LBC | Active |
| LKQ Corp | 1998 | LKQX | Active |
| Luminent Mortgage Capital | 2003 | LUM | Bankrupt |
| Maguire Properties | -99 | MPG | Inactive |
| Marlin Business Services Inc | 1997 | MRLN | Unknown. |
| MBIA Cap/Claymore Managed | 2003 | MZF | Active |
| Mercer Insurance Group | -99 | MIGP | Active |
| Molina Healthcare Inc | 1980 | MOH | Active |
| Muni Intermediate Duration | -99 | MUI | Active |
| Muni New York Intermediate | -99 | MNE | Active |
| Myogen Inc | 1996 | MYOG | Acquired by Gilead Sciences. |
| National Financial Partners | 1999 | NFP | Acquired |
| Natural Golf Corp. | 1992 | NAX | Inactive. |
| Nelnet Inc. | 1978 | NNI | Active. |
| NETGEAR Inc | 1996 | NTGR | Active |
| Neuberger Berman Inc Opp Fund | 2003 | NOX | Active |
| Neuberger Berman RE Sec Inc Fd | 2003 | NRO | Active |
| Neuberger Berman Real Inc Fund | -99 | NRI | Active |
| Nexstar Broadcasting Group Inc | 1996 | NXST | Active |
| Nich-Apple Conv & Inc Fd II | -99 | NCZ | Unknown |
| Nicholas-Applegate Cvt Inc Fd | -99 | NCV | Inactive |
| NitroMed Inc | 1992 | NTMD | Inactive. |
| NPTest Holding Corp. | 1965 | NPTT | Unknown. |
| Nuveen Diversified Dividend | -99 | JDD | Active |
| NUVEEN MUNICIPAL HIGH INC OP F | -99 | NMZ | Active |
| Nuveen Pref & Con Inc Fd II | -99 | JQC | Active |
| Nuveen Pref and Conv Fund | -99 | JPC | Active |
| Open Solutions Inc | 1992 | OPEN | Unknown |
| Orbitz Inc. | 2000 | ORBZ | Acquired by Expedia. |
| Overnite Corporation | 1935 | OVNT | Acquired by UPS |
| Pharmion Corp | 1999 | PHRM | Acquired by Celgene |
| Pimco Floating Rate Income | 2003 | PFL | Active |
| PIMCO High Income Fund | -99 | PHK | Active |
| Pinnacle Airlines Corp | 1985 | PNCL | Defunct |
| Pioneer Muni High Inc Trust | -99 | MHI | Active |
| Pioneer Municipal High Income | 2003 | MAV | Active |
| Preferred & Corporate Income | -99 | PSW | Active |
| Preferred Income Strat Fund | -99 | PSY | Active |
| Provide Commerce Inc. | 1998 | PRVD | Acquired by FTD Companies Inc. |
| Providence Service Corp | 1996 | PRSC | Active |
| Quality Distribution Inc | 1994 | QLTY | Acquired by Apollo Global Management. |
| R M R REAL ESTATE FUND | -99 | RMR | Active |
| RedEnvelope Inc | 1997 | REDE | Inactive |
| Redline Performance Inc | 1999 | RED | Active |
| RMK High Income Fund Inc | -99 | RMH | Active |
| Salomon Bros Global High Yield | -99 | EHI | Unknown |
| Salomon Brothers Emerging Mkts | -99 | ESD | Inactive |
| Scudder RREEF REIT Fund II Inc | -99 | SRO | Inactive |
| Sigmatel Inc | 2000 | SGTL | Acquired by Dialog Semiconductor |
| Sirva Inc. | 1933 | SIR | Active. |
| Synnex Information Tech Inc | 1980 | SNX | Active |
| Telkom SA Ltd | -99 | TKG | Active |
| Tempur-Pedic International Inc | 1989 | TPX | Active |
| Tessera Technologies Inc | 1990 | TSRA | Acquired by Xperi Corporation. |
| Texas Capital Bancshares Inc | 1998 | TCBI | Active |
| United National Group Ltd. | 1960 | UNGL | Active |
| Universal Technical Institute | 1968 | UTI | Active |
| Vaso Active Pharmaceuticals | 2001 | VAPN | Inactive |
| Volume Services America Holdin | -99 | CVP | Active |
| Western Asset/Claymore US Trs | -99 | WIA | Active |
| Whiting Petroleum Holdings Inc | 1980 | WLL | Bankrupt |
Frequently asked questions
There were approximately 161 IPOs in 2003 according to Wikipedia data, Crunchbase, Yahoo Finance, Renaissance Capital, Techcrunch, and Jay R. Ritter’s data from UF Warrington College of Business. However, it’s hard to find a complete list of every company that has hit the stock exchange for the first time since the global data is fragmented. Please do your own research to confirm this.
As of June 2023, Trip.com Group has a market capitalization of $37B followed by Molina Healthcare with a market capitalization of $16B. Of course, this is subject to change and you should check for the latest data.
So far one company has been classified as “defunct”, including NII Holdings.
The IPO process is different for every stock exchange. However, it typically involves several similar steps. These steps often include:
1. Gathering proposals from underwriters
2. Choosing a suitable investment bank as the underwriter
3. Forming an IPO team
4. Preparing the correct IPO documentation
5. Conducting a roadshow to generate interest/demand
6. Forming a board of directors
7. Issuing the shares on the IPO date
