Google files for IPO
It's official, Google has filed for an initial public offering:
In the filing, Google said that it generated revenues of $961.9 million in 2003 and reported a net profit of $106.5 million. Sales rose 177 percent from a year ago although earnings increased by just 6 percent.
According to C|Net
, shares will be offered in an "unusual auction-style offering." We'll you updated on this story as it develops.
Update - Bloomberg has more on the auction-style offering:
Google's share auction will have investors use the Internet, telephone or fax to submit to the underwriters the number of shares they wish to purchase and the price they are willing to pay.
``It is important to us to have a fair process for our IPO that is inclusive of both small and large investors,'' Google said in the filing. ``It is also crucial that we achieve a good outcome for Google and its current shareholders.''
William Shatner could not be reached for comment.