July 26, 2004, 10:03AM
Google stock will start at $108-$135 a share
Reuters News Service
WASHINGTON - Google Inc., the world's No. 1 Web search provider, is estimating that 24.6 million shares will sell for between $108 and $135 per shares in its initial public offering.
Google says in today's SEC filing it hopes to raise as much as $2 billion in its highly anticipated IPO and could have an initial market cap as high as $36.25 billion.
The Mountain View, California-based company plans to sell 14.1 million shares, while another 10.5 million will be sold by stockholders. It has received approval to list its Class A common stock on the Nasdaq under the symbol "GOOG".
The company plans to use the net proceeds from the sale, estimated to be $1.66 billion, for general corporate purposes. It will not receive any of the proceeds from shares sold by selling stockholders.
Additionally, Google reported second-quarter earnings of $79.1 million on revenue of $700.2 million, up from earnings of $64 million on revenue of $651.6 million in the 2004 first quarter, according to the prospectus.
Operating income for the second quarter was $171 million, up from $155.3 million in the first quarter, according to the filing.
A group of underwriters, led by Morgan Stanley and Credit Suisse First Boston, will have the option to buy another 3.7 million Class A common shares under the IPO.
Among selling stockholders, Time Warner Inc.'s America Online unit and Yahoo Inc. both plan to sell 10 percent of their stakes in the IPO, including 743,745 shares by AOL and 549,888 by Yahoo, according to the prospectus.
Google founders Sergey Brin and Larry Page will each own about 16 percent of Google's voting power after the offering. Brin plans to sell 962,226 shares, and Page is expected to sell 964,830 shares in the IPO.
Google stock will start at $108-$135 a share
Reuters News Service
WASHINGTON - Google Inc., the world's No. 1 Web search provider, is estimating that 24.6 million shares will sell for between $108 and $135 per shares in its initial public offering.
Google says in today's SEC filing it hopes to raise as much as $2 billion in its highly anticipated IPO and could have an initial market cap as high as $36.25 billion.
The Mountain View, California-based company plans to sell 14.1 million shares, while another 10.5 million will be sold by stockholders. It has received approval to list its Class A common stock on the Nasdaq under the symbol "GOOG".
The company plans to use the net proceeds from the sale, estimated to be $1.66 billion, for general corporate purposes. It will not receive any of the proceeds from shares sold by selling stockholders.
Additionally, Google reported second-quarter earnings of $79.1 million on revenue of $700.2 million, up from earnings of $64 million on revenue of $651.6 million in the 2004 first quarter, according to the prospectus.
Operating income for the second quarter was $171 million, up from $155.3 million in the first quarter, according to the filing.
A group of underwriters, led by Morgan Stanley and Credit Suisse First Boston, will have the option to buy another 3.7 million Class A common shares under the IPO.
Among selling stockholders, Time Warner Inc.'s America Online unit and Yahoo Inc. both plan to sell 10 percent of their stakes in the IPO, including 743,745 shares by AOL and 549,888 by Yahoo, according to the prospectus.
Google founders Sergey Brin and Larry Page will each own about 16 percent of Google's voting power after the offering. Brin plans to sell 962,226 shares, and Page is expected to sell 964,830 shares in the IPO.
