Google's plan to list on NASDAQ could create a big splash


Wed, Jul 14, 2004 - Page 12

Google Inc plans to list on NASDAQ for its impending initial public stock offering, according to a filing on Monday with the US Securities and Exchange Commission.

The US$2.7 billion offering for the online search engine promises to make the biggest IPO splash yet in the post-dotcom era and is expected to give the Mountain View-based company a market value of at least US$20 billion. Thirty brokerage houses have teamed up to facilitate the online public auction that Google plans to use to set its offering price.

Google officials did not specify a date for its IPO or a ticker symbol in the SEC filing.

The hotly anticipated IPO is expected to occur in late summer or early autumn, but Google spokeswoman Cindy McCaffrey declined to comment on the time frame or the company's NASDAQ decision.

Though many high-tech companies prefer the NASDAQ, industry analysts say the New York Stock Exchange clamored for the search engine giant. Besides its wide recognition, Google is highly profitable -- earning US$106 million on revenue of US$982 million last year.

Google's upcoming IPO, which was announced in April, takes a less typical approach by relying on a public auction instead of institutional investors to determine the price of its initial shares.

The public offering is expected to draw intense interest from Main Street investors and add further momentum for the resurgent IPO market.