Google auction underway
13 August 2004
The auction of search engine Google's stock is now underway.
The web giant is issuing 25.7 million shares to investors in an initial public offering (IPO) which began at 09:00 EDT (13:00 GMT) today.
Google announced that it expects to announce the initial pricing range of its shares during the week beginning August 16th.
Analysts predict that the firm will be priced between $108 and £135 dollars a share, valuing it at around $36 billion, putting it on a par with rival Yahoo.
The internet portal giant is expected to float on the Nasdaq stock exchange next week and the shares will trade based on the best price from the auction.
Bidders had to sign up before Thursday's deadline on Google's IPO website to qualify for the auction.
Internet shares have struggled in recent months and some analysts have expressed scepticism about the probable success of Google's IPO.
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