Post by Jake on Aug 19, 2004 17:26:03 GMT -5
Google closes at $100 on first trading day
moneycentral.msn.com/content/CNBCTV/Articles/Dispatches/P92414.asp
The search engine’s IPO values the company at about $23 billion. Shares priced at $85 per share last night rise more than 18% today.
Shares of search engine Google (GOOG, news, msgs) jumped 18% today on its first day of trading after raising $1.67 billion with its highly anticipated initial public offering.
The bounce was impressive after the company priced shares at the low end of an already lowered price range. At the close, Google was at $100.33. The stock had reached $104.60. In after-hours trading, the stock dipped 21 cents to $100.12. Volume topped 22.3 million shares, which means that virtually all of the shares that came on the market today were sold at least once.Check out your options. Find the best rate before you borrow.
“This is an unqualified success,” David Menlow, president of IPOFinancial.com, told CNBC. Menlow said he hated the Dutch auction process, but noted the process is over now and what is left is a strong company.
Google is in a singular situation, with a vast footprint, name recognition and brand loyalty, Menlow said. The same success may not apply to the “son-of-Googles’ who try the Dutch auction method, he added.
Google and company insiders priced 19.6 million shares at $85 per share last night through lead underwriters Morgan Stanley and Credit Suisse First Boston. The company originally planned to price its shares between $108 and $135 per share, but took the range down, usually an indication of tepid institutional demand.
The result was an IPO whose size was bigger than an IPO of an independent tech company. There have been larger tech IPOs, but all were spinoffs from parent companies. At the same time, it was the 25th biggest U.S. IPO, according to DealLogic.com
Google's brash founders managed to antagonize a lot of people, including the deal's underwriters and institutional and even retail investors with their initial range, CNBC’s David Faber reported.
The IPO gives Google a market capitalization of about $23 billion.
moneycentral.msn.com/content/CNBCTV/Articles/Dispatches/P92414.asp
The search engine’s IPO values the company at about $23 billion. Shares priced at $85 per share last night rise more than 18% today.
Shares of search engine Google (GOOG, news, msgs) jumped 18% today on its first day of trading after raising $1.67 billion with its highly anticipated initial public offering.
The bounce was impressive after the company priced shares at the low end of an already lowered price range. At the close, Google was at $100.33. The stock had reached $104.60. In after-hours trading, the stock dipped 21 cents to $100.12. Volume topped 22.3 million shares, which means that virtually all of the shares that came on the market today were sold at least once.Check out your options. Find the best rate before you borrow.
“This is an unqualified success,” David Menlow, president of IPOFinancial.com, told CNBC. Menlow said he hated the Dutch auction process, but noted the process is over now and what is left is a strong company.
Google is in a singular situation, with a vast footprint, name recognition and brand loyalty, Menlow said. The same success may not apply to the “son-of-Googles’ who try the Dutch auction method, he added.
Google and company insiders priced 19.6 million shares at $85 per share last night through lead underwriters Morgan Stanley and Credit Suisse First Boston. The company originally planned to price its shares between $108 and $135 per share, but took the range down, usually an indication of tepid institutional demand.
The result was an IPO whose size was bigger than an IPO of an independent tech company. There have been larger tech IPOs, but all were spinoffs from parent companies. At the same time, it was the 25th biggest U.S. IPO, according to DealLogic.com
Google's brash founders managed to antagonize a lot of people, including the deal's underwriters and institutional and even retail investors with their initial range, CNBC’s David Faber reported.
The IPO gives Google a market capitalization of about $23 billion.