Google’s Ticker Symbol to be GGL.XX?

Google Wants Fair Stock Value But Looks For Big Bucks
By MARK BOSLET
April 30, 2004 9:13 p.m.
Of DOW JONES NEWSWIRES

PALO ALTO, Calif. — Google Inc. (GGL.XX) argues it wants its stock price to reflect a “fair-market” value for the company – not runaway speculation.

But the Internet search engine also seems to expect a lofty share price at the initial public offering it unveiled Thursday. Unless Google splits its shares before its planned auction, which could come as early as June, the shares could reach $100, according to an analysis of financial details in the registration statement the company filed with the Securities and Exchange Commission.

In the statement, Google’s founders, Sergey Brin and Larry Page, warn investors not to bid for IPO shares if they believe the price is unsustainable. Successful bidders may find themselves tagged with the “winner’s curse,” the S1 document states. If these investors conclude they paid too much and quickly decide to sell, the stock could fall sharply. …

To raise the $2.7 billion Google says it wants from the auction – and assuming shares contributed by Brin and Page make up only 10% of the stock offered publicly – the price of the stock would have to be between $66 and $100.

Source: Google Wants Fair Stock Value But Looks For Big Bucks