Google IPO expected later this month
12 July 2004
Google's eagerly-awaited flotation is likely to happen later this month.
The Financial Times claims that Google's initial public offering (IPO) will take place in July, if possible.
Without citing any sources, the FT said the timing of the offering depends on tests of the computer auction system, as well as approval from the US Securities and Exchange Commission.
Google and a team of 30 bankers, led by Morgan Stanley and Credit Suisse First Boston, have been testing the system that will be used to run the auction.
Google's IPO is expected to raise around $2.7 billion and is being run as a Dutch auction, giving smaller investors the chance to purchase shares in the search giant. Experts predict the whole auction could be over in as little as two hours, as competition for Google shares is expected to be fierce.
The world's most popular search engine filed its intent to raise money through an IPO at the end of April.
Analysts suggest that completing a sale of stock by the end of July could prove difficult, as Google must set a potential price range, gain approval from the SEC and market the auction, before launching its share offering.
Both Google and its bankers have refused to comment on rumours about the IPO.
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