Infrared Industries, Inc.
List of Deals
Infrared Industries was founded in 1959 in Waltham, Massachusetts, by E. Douglas Reddan. The company produced infrared detecting elements instruments and infrared control systems for military and civilian use. The company relied on smaller government contracts involving defense, such as electronic equipment for the Sidewinder air-to-air missile.
After only seven months of operations, the company went public in December 1959 with an initial public offering of 100,000 shares. The stock originally sold at $5 per share; however, after only two days of trading the stock was selling for as high as $13.50. The reason for this enthusiastic reception by the stock market was that the company was regarded as a "space age" company. These were companies that were little known, short on history and earnings, but long on hope because of their association with the space era.
Infrared sold an additional 135,000 shares in August 1960 for the purpose of constructing and equipping a plant in Santa Barbara, California.