Google appoints banks for IPO
27 April 2004
Google has reportedly selected Morgan Stanley and Credit Suisse First Boston to be joint lead underwriters for its eagerly anticipated initial public offering.
According to a Wall Street Journal report the search giant is likely to announce details of the IPO in the next week. The IPO is expected to value Google at around $20 -$25 billion, but the newspaper claims that it has not given basic financial data to the banks it has hired for the sale.
Mountain View-based Google is rumoured to be planning to structure its IPO in a way that will give an unusually broad range of investors a chance to purchase some shares. The Wall Street Journal suggests that some of the IPO shares would be sold to investors directly over the Internet.
Google is required to file a statement to register its securities with federal regulators later this week under a government rule that requires private companies over a certain size to declare a raft of financial information.
The offering from Google may raise more than $2 billion, making it the largest technology IPO since AT&T sold shares of its wireless unit in 2000. Analysts predict that Google's debut may spark a revival in tech stocks.
The creators of Google -Sergey Brin and Larry Page hold at least 30 per cent of the company they set up six years ago, while other investors include venture firms Kleiner Perkins Caulfield & Byers and Sequoia Capital, as well as Google rivals Yahoo and Time Warner's America Online, through partnerships in the firm, and celebrities such as Tiger Woods, Shaquille O'Neal, Henry Kissinger and Arnold Schwarzenegger.
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