Google announces $4bn share sale
19 August 2005
Search engine giant Google has announced that it is planning to sell 14 million more shares, raising an estimated $4 billion (£2.2 billion).
Google is due to celebrate its first anniversary as a listed company and the cash generated by the latest sale is expected to be used to fund future acquisitions and running costs, possible in the burgeoning Chinese market.
Since last year's initial public offering (IPO), Google’s stock share value has more than tripled and the company's profit has soared by 500 per cent.
"The principle purpose of this offering is to obtain additional capital," Google said in a filing with the US Securities and Exchange Commission.
Shares in the search group dropped slightly after the stock sale announcement was made.
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