| HBS Case Collection
(Revised from original 1994 version)
Dean Witter, Discover & Co.
Early in 1993, Sears was in the process of spinning off its Dean Witter, Discover subsidiary. This subsidiary consisted of a securities brokerage that was acquired in 1981 and also the Discover Card, a general purpose credit card, the firm introduced in 1985. The key issue was the price per share of the initial public offering. Because Dean Witter, Discover was a unique company, consisting of a credit card coupled with a retail-oriented securities brokerage, valuing the firm was not necessarily a straightforward issue.
Initial Public Offering;
Financial Services Industry;
Crane, Dwight B., and W. James Whalen. "Dean Witter, Discover & Co." Harvard Business School Case 294-046, June 1994. (Revised from original January 1994 version.)