Andrew
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Cash: $ 467.10
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Location: Texas
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| Google IPO Downsized |
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NEW YORK (Reuters) - Google Inc. slashed the size of its closely watched initial public offering nearly in half to less than $2 billion on Wednesday, splashing cold water on what has been touted as the hottest Internet IPO in years.
The revision came as Google disclosed in an amended filing that the U.S. Securities and Exchange Commission has asked for "additional information" about the publication of a Playboy magazine article featuring an interview with Google's co-founders.
The IPO of the world's most popular Web search engine is now slated to raise as much as $1.9 billion, far lower than its previous size of as much as $3.5 billion. Trading could begin as early as Thursday.
Google, whose unusual auction IPO has attracted skeptics since it was announced in April, now estimates its shares will price between $85 and $95 each down from $108 to $135, amid a jittery market for technology shares and IPOs in general.
Shareholders more than halved the number of shares they plan to sell to 5.5 million from about 11.6 million, in light of the lowered price. Google co-founders Larry Page and Sergey Brin and Chief Executive Officer Eric Schmidt cut by half the number of shares they will offer.
http://news.myway.com/top/article/id/417318|top|08-18-2004::08:46|reuters.html
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Wed Aug 18, 2004 12:55 pm |
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Euler
Senior Member
Cash: $ 76.16
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Joined: 06 Nov 2003
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| Let's hear it |
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Let's hear it for intellectual honesty and integrity. Google is an example of business ethics in the tech mkt.
Note that this sense of ethics was not imposed by fed regulation or the horrific example made of the likes of Enron, WCOM or even the sentencing of Martha Stewart. Google has been quietly making right decisions all along. Here's hoping the humility, the integrity and the service will last.
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Wed Aug 18, 2004 2:46 pm |
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Andrew
Admin
Cash: $ 467.10
Posts: 1717
Joined: 02 Nov 2003
Location: Texas
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Yeah, and as they've grown it's gotten more and more challenging for them to adhear to their "Don't be evil" motto. Google has angered their fair share of webmasters, not just because their site isn't on page one of the keyword, but for other reasons as well, but they do try, I think. They certainly are unique, that's for sure!
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Wed Aug 18, 2004 3:11 pm |
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