Depositary Receipts

90 YEARS OF INNOVATION


Since 1927, J.P. Morgan has been a leading provider of customized Depositary Receipts solutions to the world’s largest issuers. With our strength as a global equities leader, we help our clients navigate the capital markets and attract high-quality investors. Guided by J.P. Morgan's core principle of "first-class business in a first-class way,” DR issuers have relied on us for 90 years for our advice and long-term partnership.





  • 1920s
  • 1930s
  • 1950s
  • 1960s
  • 1970s
  • 1980s
  • 1990s
  • 2000s
  • 2010s

1927

  • J.P. Morgan predecessor firm Guaranty Trust Co. pioneered the concept of American Depositary Receipts (ADR), enabling Americans to invest in foreign securities directly on U.S. exchanges
  • 1st ADR: Selfridges

1928

  • 1st ADR Listing (AMEX): British American Tobacco
  • 1st French ADR: L’Air Liquide
  • 1st Austrian ADR: Creditanstalt

1929

  • 1st German ADR: North German Lloyd

J.P. Morgan helped the luxury chain Selfridges tap into the global markets.

1931

  • 1st Sponsored ADR: Electrical & Musical Industries

J.P. Morgan helped global conglomerate Electrical & Musical, also known as EMI and home of the Beatles, tap into the global markets.

1955

  • 1st Dutch New York Share: Unilever N.V.

1956

  • 1st Italian ADR: Montecatini

1959

  • 1st German ADR: North German Lloyd

J.P. Morgan helped introduce Unilever, the consumer goods powerhouse, to the global markets.

1960

  • Appointed depositary for Jaguar Cars
  • 1st Mexican ADR: Teléfonos de México

1961

  • J.P. Morgan introduces the ADR to Japan with a historic offering for Sony, the first public stock offering in the U.S. by a Japanese corporation since World War II

A J.P. Morgan predecessor helped the famous Jaguar Cars gain access to global markets.

1977

  • 1st DR for a U.S. company: Western Union

1978

  • 1st ADR for Hong Kong: Hong Kong and Shanghai Banking

J.P. Morgan helped Western Union, one of the oldest American companies, create the first DR for a U.S. company.

1983

  • 1st Spanish ADR: Banco Central S.A.

1986

  • 1st Swiss ADR: Nestlé S.A.

1987

  • 1st public offering of ADRs for Spanish securities: Telefónica, Banco Santander and Banco Central

1988

  • 1st Sponsored German ADR: Volkswagen AG
  • 1st discounted registered rights offering: Barclays PLC

J.P. Morgan handled the DR of the global brand Nestlé, maker of well-known food and beverage products such as Libby’s, Stouffer’s, Carnation and KitKat.

1990

  • 1st use of Euroclear as an ADR custodian: Nestlé S.A.
  • 1st ADR issued on Certificates of Ordinary Participation: Corporación San Luis

1994

  • Established a sponsored ADR program for automobile manufacturer Peugeot S.A. (France)

1996

  • 1st Direct Stock Purchase Plan for an ADR program: Several issuers

1997

  • 1st acquisition using ADRs as currency in Germany: Fresnius
  • 1st Direct Registration System for an ADR program: Cifra

1998

  • Facilitated BP acquisition of Amoco using ADRs (the world’s largest industrial merger at the time)
  • 1st website created for the DR industry

1999

  • 1st online internet account access for ADR registered shareholders

J.P. Morgan recognized the power of the internet in the 90s, using it to create the first website for the DR industry.

2003

  • 1st depositary bank to launch an ADR crossbook: ADRMax

2006

  • Largest ever Global Depositary Receipt (GDR) IPO: Rosneft’s $6.3 billion offering in London (Russia)

2007

  • 1st GDR on the Singapore Stock Exchange: Uttam Galva (India)

2009

  • Brazil’s largest ever DR IPO: Banco Santander Brasil

J.P. Morgan handled the largest ever GDR IPO of more than $6 billion for Rosneft.

2010

  • 1st HDR on Hong Kong Exchange: Vale (Brazil)
  • Largest ever follow-on offering: Petrobras’s $10 billion ADR offering

2011

  • 1st capital raising using an Hong Kong Depositary Receipt: SBI Holdings (Japan)

2016

  • 1st simultaneous listing on the Tokyo and New York Stock Exchange: Line

J.P. Morgan’s advances in technology led to the first simultaneous DR listing.



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