Google float hit by delayPosted 18/08/2004
The flotation of Google has been delayed by a day as the company waits for approval from the regulators.
The search engine giant filed extra paperwork amid concerns that co-founders Sergey Brin and Larry Page may have violated the Securities & Exchange Commission's rules by giving an interview to Playboy magazine prior to the IPO.
It is also believed that the SEC could be examining whether Google broke stock market rules by failing to declare the 23 million shares and 5.6 million share options it offered to employees and consultants.
The popular search engine is planning to issue 25.7 million shares in an unconventional scheme with shares priced between $108 and $135 each. This would value Google at more than $36 billion.
The flotation is in the form of a Dutch auction process and will involve Google taking bids from potential investors who must state how many shares they want to buy and at what price.
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