Google (FINALLY) files their IPO
Google plans to earn 2.7 billion dollars through an auction style IPO.
And it’s a duesy… 2.7 billion, in an auction style offering so everyone gets a shot to own a piece of the #1 search engine.
Google will seek to raise $2.7 billion in the deal led by Morgan Stanley and Credit Suisse First Boston, according to a form S-1 filed Thursday afternoon. As had been speculated, Google will take the unusual step of selling all of the shares in the offering through an auction-based process.
“An auction is an unusual process for an IPO in the United States,” the company said in the filing. “Our experience with auction-based advertising systems has been surprisingly helpful in the auction design process for the IPO. As in the stock market, if people try to buy more stock than is available, the price will go up. And of course, the price will go down if there aren’t enough buyers.
“We are working to create a sufficient supply of shares to meet investor demand at IPO time and after. We are encouraging current shareholders to consider selling some of their shares as part of the offering. These shares will supplement the shares the company sells to provide more supply for investors and hopefully provide a more stable fair price,” the company said.
I couldn’t find a date — if anyone knows G-day, please post in comments…