Thursday, August 19, 2004
Google's IPO Is Done
Google's IPO was confirmed last night, with 19.6 million shares selling at $85 dollars a piece, raising $1.67 billion, down from the original target of $3.47 billion. Trading of shares opens in a few hours, and by noon we will know how successful this was. Many are predicting first day gains, something that was unthinkable a week ago. The typical brokerage houses are practically gloating at Google's failure to completely tear down their control of the market. On the other hand, Google may be laughing all the way to the bank as the small investors it was trying to help watch their pocketbooks inflate on first day gains caused by borkers scrambling for the small number of shares. No matter the short term effects, Google has finally moved into the big leagues, and we should start to see a lot of expansion from the company in the months to come.
Telling quote: ''Google has made so many amateur mistakes during its IPO'' - Barry Randall of U.S. Bancorp Asset