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Friday April 30, 2004

[H]ardNews 6th Edition

Google IPO:

Google filed for its initial public offering and expects to raise almost 3 billion dollars…but not in the conventional way an IPO is conducted. Google plans to offer stock through an online auction to make the stock more widely available. Are you planning to get in on some of that stock bidding action? It’s tempting. Google raked in almost a billion dollars last year with over $100 million of that being profits. Wow.

The company said in a filing with the Securities and Exchange Commission that it expects to raise as much as $2.7 billion from the offering, which it will conduct in the unusual format of an online auction in a bid to make its shares more widely available.