Strong debut for Google sharesPosted 20/08/2004
Shares in the search engine giant Google have experienced an 18 per cent increase in trading on their stock exchange debut.
The shares, whose offer price was set at $85, ended the day at $100.33 - an increase of $15.33.
The flotation took the form of a Dutch auction process and involved Google taking bids from potential investors who stated how many shares they wanted to buy and at what price.
Google's IPO has not been without its problems. The firm was forced to file extra paperwork after co-founders Sergey Brin and Larry Page potentially violated the Securities and Exchange Commission's rules by giving an interview to Playboy magazine prior to the offering.
Mr Brin and Mr Page are believed to have gained more than $25 million each following the flotation.
The SEC is still 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.
Google could face a substantial fine if found guilty of the charges.
© 1998-2004 DeHavilland Information Services plc.
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