SEC delays Google market debut
18 August 2004
The US financial watchdog has delayed giving its approval to search giant Google's stock float.
The eagerly-awaited stock market debut has been dogged by problems in the last few weeks and the US Securities and Exchange Commission (SEC) has yet to green light the share auction.
Google had asked for a ruling on its estimated $3.3 billion (£1.8 billion) market launch by 4pm New York time yesterday, but regulators failed to agree to the floatation and Google shares may not be priced until the market closes today.
The search engine firm is selling its stock publicly for the first time online via a 'Dutch auction', which opens the bidding process up to individual investors.
The SEC has given no reason for the apparent delay to the initial public offering (IPO). Once the SEC gives its approval, Google will stop accepting bids for its shares and could start issuing stock within a matter of hours.
The US stock market watchdog has launched an informal inquiry into Google's failure to register shares given to employees and a row broke out over an interview in Playboy with Google founders Sergey Brin and Larry Page, which broke the SEC rules on IPOs.
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