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Google shares rocket on first day |
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| Fri, August 20 2004 | 11:55AM | PermaLink |
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"Shares in Google have shot up 18% on its first day of trading, marking a dramatic comeback from the humiliation of its cut-price public offering.
Google shares - whose offer price had been set at $85 - ended their market debut up $15.33 at $100.33.
The price had been cut from an initial estimate of $108-135, in the face of weakness in the tech sector and several stumbles during the offer process.
The sale of 19.6m shares is expected to raise $1.66bn (£0.90bn).
The Google flotation ranks as the third richest US-based IPO on the Nasdaq after Charter Communications in 1999 and Genuity in 2000."
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