IBJNews

Remy rises in first day of trading on NASDAQ exchange

Back to TopCommentsE-mailPrintBookmark and Share

Shares of Pendleton-based Remy International Inc. got off to a strong start on the NASDAQ exchange Thursday as the stock rose 4.1 percent.

Company shares began trading on the NASDAQ exchange Thursday morning at $15.85 per share and climbed to $16.50 by the end of the day. Overall, NASDAQ was down slightly (8 points) during the same period.

“We’re pleased to see positive movement,” Remy CEO John Weber told IBJ Thursday morning. “And that is indicative of our aspiration, which was that we think that if the stock gets more exposure and liquidity, then the stock will respond favorably.”

Remy shares had been listed on the thinly traded pink sheets under the ticker symbol RMYI. Shareholders were employees or minority owners.

Remy filed with the Securities and Exchange Commission on Sept. 21 to offer 40,000 company shares to employees and immediate family members.

By offering a limited number of shares, Remy boosted its shareholder count from 190 to 300, enabling the company to list on NASDAQ.

Remy's ticker on the NASDAQ is REMY.

Weber will help mark the NASDAQ listing by ringing the ceremonial opening bell Monday.

“It’s been a long and tortuous journey over the past seven years, and five since we’ve restructured,” he said. “We’ve weathered the automotive meltdown, and we’re gaining shares in the marketplace.”

Remy produces starters, alternators and hybrid motors for light- and heavy-duty vehicles. The company also remanufactures starters and alternators.

Once a division of General Motors Corp., the company was spun off in 1994 as Delco Remy before adopting its current name in 2004.

The company has 6,500 employees worldwide and 400 in Indiana.

In the third quarter ended Sept. 30, Remy earned $17.2 million on revenue of $277 million.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

ADVERTISEMENT