by: Wayne Duggan, Benzinga Staff Writer
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
On this day 23 years ago, Spyglass, Inc. became the first-ever publicly traded internet software company.
Where The Market Was
The Dow closed at 4,556.79. The S&P 500 traded at around 544.73. Today, the Dow is trading at 24,117.59 and the S&P 500 is trading at 2,699.63.
What Else Was Going On In The World?
In 1995, basketball great Michael Jordan returned to the NBA after a two-year retirement to play minor league baseball. The New York Times and The Washington Post published a 35,000-word manifesto written by the Unabomber. A U.S. postage stamp cost 32 cents.
First Internet IPO
Spyglass licensed the early internet browser Mosaic. When the company went public in 1995, it sold 2 million shares at $8.50. The stock was up more than 200 percent in its first day of trading, finishing the day at $27.25.
Just months before the Spyglass IPO, Netscape Communications released its Netscape Navigator browser, which quickly gained popularity among internet users.
Microsoft Corporation MSFT 0.75% quickly recognized the value in web browser software and licensed Mosaic as the basis for its Internet Explorer browser released in 1995.
In March 2000, OpenTV acquired Spyglass at almost the exact peak in the dot-com bubble in a stock swap deal worth $2.5 billion. OpenTV is now owned by Swiss hardware and software corporation Kudelski Group.
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.