This Day In Market History: The First Internet Software IPO

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

What Happened?: On this day in 1995, 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.

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% on 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 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.