Google sets deadline for IPOPosted 11/08/2004
Search giant Google has announced that bidding registrations for its initial public offering (IPO) will close at 17:00 EST on Thursday August 12th.
The company stated on its IPO website: "The auction for shares of Google's Class A common stock will commence soon thereafter."
The online search engine's eagerly-awaited stock market debut will take place shortly after bidding closes, with analysts predicting that the auction will be completed next week.
The California-based firm is selling 25.7 million shares via an online auction and will trade in the Nasdaq Stock Market under the ticker symbol "GOOG".
Google has not yet spelled out a precise timetable for the auction, but has stressed in its IPO prospectus that it can close the auction "at any time".
The company has warned that the auction could last two or three weeks, pointing out that bidders will be asked to reconfirm their bids if the process lasts for more than 15 business days. The winning bidders in the auction will be notified by e-mail within 24 hours of SEC approval.
Google was forced this week to gift $149 million in shares to Yahoo to settle a trade dispute and the company has met with a number of hurdles on the way to its stock float.
News Interactive has reported that a technology problem prevented Google opening a website where institutional investors could register to bid on time, delaying the stock issue by nearly a week. © DeHavilland Information Services plc
© 1998-2004 DeHavilland Information Services plc.
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