Google opens IPO sitePosted 02/08/2004
Search giant Google has launched a new website that enables US investors to register to bid for shares.
The site www.ipo.google.com has gone live and bidders can now apply for an identification number to participate in the initial public offering (IPO).
Around nine per cent of Google's shares will be sold as part of its IPO. The world's number one search engine estimates that the stock will sell for between $108 and $135 a share, valuing the company at as much as $36 billion (£19.7 billion).
The "Dutch auction" process used to sell the shares will give smaller investors better access to stock early. The auction invites investors to submit bids, detailing the price they are willing to pay and the number of shares they intend on buying.
The auction process, which is open to US resident citizens only, is expected to end in a couple of weeks.
The Google stock will the trade on the Nasdaq stock market under the ticker symbol 'GOOG'.
Google plans to sell 14.1 million shares itself, with another 10.5 million to be sold by existing shareholders. © DeHavilland Information Services plc
© 1998-2004 DeHavilland Information Services plc.
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