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IPO Story
Google IPO Prices at $85 Jeffrey R. Hirschkorn, Senior IPO Analyst, Aug. 19, 2004 We�ve got finality in the long running saga involving the IPO from �Net search engine Google (proposed: GOOG). Earlier today, shares of Google were priced at $85, well under the firm�s originally set range for the IPO. After several bumps and bruises along the way, the deal had to be reshaped, with several shareholders forgoing any shares to be sold. Shares offered in the transaction were 19.6 million, down from initial estimates of 25.7 million shares. Google raised $1.67 billion on Wednesday through an unusual version of a Dutch auction IPO and saw its market value set at $23 billion -- a six-year-old enterprise worth more than Amazon.com, with a market cap of $16 billion, and on par with General Motors, at $23.7 billion. Referenced in an analysis published by the Associated Press, Current Offerings co-founder Tom Taulli said �the good news for Google is that it didn�t price below the low end. If it had priced below the low end, maybe there could have been some selling pressure.� Joint lead managers for the IPO were Credit Suisse First Boston and Morgan Stanley. Trading is to begin later today. E-mail: jeffh@currentofferings.com. |
