Apr 30, 2004 : Google Files with SEC for IPO
📅 - Internet search engine Google (google.com) ended months of speculation on Thursday, filing plans for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The IPO of Mountain View, California-based Google is widely expected to be the largest ever for an Internet company.
Rumors of a Google IPO have been circulating since October of last year. Reports at the time indicated that Google was considering an online auction, allowing investors to bid for Google's shares directly. This lies in contrast to the common practice of leaving the investment bank to decide on the price of the shares and who should receive them. Reports say that Google will indeed follow through on these plans, giving the general public a better chance at buying its stock.
According to reports, trading is not expected to commence until the summer at the earliest. Investment banks Morgan Stanley and Credit Suisse First Boston have been chosen to be the lead underwriters for the IPO.
Today's filing gave the public its first glimpse of Google's finances. According to its filing with the SEC, Google secured a profit of $105.6 million US in 2003 on revenues of $962 million. In the first quarter of 2004, it earned $63.9 million on revenues of $389.6 million. The filing also showed Google to have $454 million in cash and cash equivalents.
Seach rival Yahoo recently dropped Google search technology setting the stage for what analysts expect to be a three-way race between Google, Yahoo and software giant Microsoft.
Rumors of a Google IPO have been circulating since October of last year. Reports at the time indicated that Google was considering an online auction, allowing investors to bid for Google's shares directly. This lies in contrast to the common practice of leaving the investment bank to decide on the price of the shares and who should receive them. Reports say that Google will indeed follow through on these plans, giving the general public a better chance at buying its stock.
According to reports, trading is not expected to commence until the summer at the earliest. Investment banks Morgan Stanley and Credit Suisse First Boston have been chosen to be the lead underwriters for the IPO.
Today's filing gave the public its first glimpse of Google's finances. According to its filing with the SEC, Google secured a profit of $105.6 million US in 2003 on revenues of $962 million. In the first quarter of 2004, it earned $63.9 million on revenues of $389.6 million. The filing also showed Google to have $454 million in cash and cash equivalents.
Seach rival Yahoo recently dropped Google search technology setting the stage for what analysts expect to be a three-way race between Google, Yahoo and software giant Microsoft.
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