The early 1990s were a strange time for markets. The U.S. was emerging from a recession, inflation was being fought with higher rates, and consumer confidence was shaky after the Gulf War and the savings and loan crisis. Yet, in 1992, more than 400 companies went public, giving investors a mix of retail names, biotechs, and a few future giants.
Company Ticker IPO Price Current Price* Total Return Starbucks SBUX $17.00 $97.02 +27,807% Gilead Sciences GILD $15.00 $79.36 +12,139% D.R. Horton DHI $1.13 $133.61 +8,579% Synopsys SNPS $7.00 $527.49 +6,762% Buckle BKE $2.00 $41.65 +1,957% Mohawk Industries MHK $10.00 $93.40 +1,213% Boston Scientific BSX $17.00 $54.82 +1,102% Kohl’s KSS $1.75 $22.64 +1,059% Scotts Miracle-Gro SMG $19.00 $60.87 +447% Topgolf Callaway Brands MODG $4.00 $12.38 +206%
Among the highlights: Starbucks introduced Wall Street to coffee culture, Gilead planted its biotech flag, and Synopsys started a journey that would make it a leader in semiconductor design software. Others, like Boston Scientific and D.R. Horton, tapped into healthcare and housing trends that only grew bigger over time. Not every name survived; Bed Bath & Beyond went bankrupt years later, but several have compounded into remarkable long-term winners.
Looking back three decades later, the 1992 class shows the power of scalable business models and the risks of chasing hype. Some of the stocks listed below have gained thousands of percent, while others have lost nearly everything.
1. Starbucks (SBUX)
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Starbucks went public at $17 when it was still a small Seattle chain with only 165 stores. Fast forward three decades, and it trades at $97.02, a jaw-dropping +27,800% gain. The company turned coffee into an everyday ritual and a cultural experience across the globe. From one IPO, it built a brand that millions can’t start their day without.
2. Gilead Sciences (GILD)
Gilead raised $86 million at its $15 IPO in January 1992, and back then, it was just another small biotech with big ambitions. Today it sits at $79.36, up +12,139%, thanks to breakthrough antiviral and cancer treatments. Drugs for HIV, hepatitis, and more put it on the map. It’s now one of biotech’s most consistent long-term winners.
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3. D.R. Horton (DHI)
The homebuilder went public at just $1.13, a price that didn’t make many headlines at the time. But now it trades at $133.61, a stunning +8,579% return. Horton grew steadily into the country’s largest builder of new homes, riding decades of housing demand. It’s a reminder that boring businesses can create incredible fortunes.
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4. Synopsys (SNPS)
Synopsys IPO’d at about $7, offering niche software for designing semiconductors. Today, the stock is $527.49, up +6,762%, as chips have become the backbone of nearly every modern device. The company’s tools are now essential for the entire semiconductor industry. It quietly went from behind-the-scenes player to one of the most valuable enablers of tech.
5. Buckle (BKE)
Buckle priced its IPO at just $2 when it was a modest Nebraska clothing retailer. Now trading at $41.65, it has delivered a +1,957% gain over three decades. The company slowly expanded to 450 stores across the U.S., staying true to its niche. It’s not flashy, but it’s been a surprisingly reliable wealth builder.
6. Mohawk Industries (MHK)
Mohawk went public at $10 as a flooring manufacturer. Its stock is now $93.40, marking a +1,213% return after years of acquisitions and steady housing cycles. At its 2017 peak, it was worth nearly three times as much. Even if it’s cooled off, Mohawk still has a firm place in the home goods market.
7. Boston Scientific (BSX)
Boston Scientific IPO’d at $17 and now trades at $54.82, a +1,102% return. The company grew by acquiring medical device businesses and now sells products worldwide. It’s a core healthcare supplier decades later.
8. Kohl’s (KSS)
Kohl’s sold shares at about $1.75, and the stock trades around $22.64, a +1,059% return. Once a retail growth darling, it has struggled in recent years but remains a major U.S. department store chain.
9. Scotts Miracle-Gro (SMG)
Scotts priced at $19, and now trades at $60.87, up +447%. Known for lawn and garden products, it surged during the pandemic but later cooled. Its cannabis exposure adds a modern twist.
10. Topgolf Callaway Brands (MODG)
Callaway Golf was listed at $4, and the stock is $12.38 today, a +206% return. After acquiring Topgolf, it rebranded and became the world’s largest golf equipment maker. Even with ups and downs, it’s carved out a steady niche.
What the 1992 IPO Winners Have in Common
The biggest winners with Starbucks, Gilead, D.R. Horton, and Synopsys, all leaned into long-term, secular growth trends. Coffee culture went global, biotech delivered breakthrough drugs, housing demand soared, and semiconductors became the backbone of modern life. These companies scaled efficiently, found durable moats, and kept compounding year after year.
By contrast, companies tied to hype or struggling to reach profitability faded badly. The lesson is clear: the best IPOs are driven by forces much bigger than quarterly cycles, giving them decades of tailwinds.
Ultimately, the 1992 IPO class is one of the most impressive of the past few decades. It produced Starbucks (+27,800%), Gilead (+12,100%), and Synopsys (+6,700%), all of which went on to shape their industries. Even steady performers like Boston Scientific and Kohl’s rewarded patient investors with 10x-plus returns.
Not every name made it, some lost almost everything, and other names from 1992 like Bed Bath & Beyond went bankrupt years later, but the standouts far outweighed the failures. Thirty years on, 1992 reminds us that IPO investing works best when you back companies with enduring demand, global markets, and the ability to scale.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
