Google in 2004: From Startup to IPO (Part-C)
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Case Details: |
Price: |
| Case Code |
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BSTA040 |
Electronic Format: Rs.
300;
courier (within India)Rs. 25 Extra
Themes- |
| Case Length |
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05 Pages |
| Period |
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2003 - 2004 |
| Pub Date |
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2004 |
| Teaching Note |
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Not Available |
| Organization |
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Google |
| Industry |
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Internet
Search |
| Countries |
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Global |
Abstract:
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This is the third of a four-case series. In mid-August 2004, Google has
significantly lowered its estimated per-share price range to between $85 and
$95, down from the previous range of $108 to $135. Google has also reduced the
number of shares to be sold to 19.6 million from 25.7 million following reduced
interest from retail and institutional investors and the confusion created by
the Dutch auction process. On 19 August 2004, the company makes its long-awaited
initial pubic offering (IPO). The stock, which gets listed at $85 a share,
closes at $100 by the end of the first trading day. Analysts are divided about
the IPO. While Google has clearly got a lower price than what it anticipated, it
has introduced a sense of democracy into the IPO process. With the IPO over,
media attention is returning to Google's strategy.
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Google has been developing (or buying) new services such as a
web-based e-mail service (Gmail), an on-line photo sharing tool (Picasa), and a
tool for creating on-line journals (Blogger).
Contents:
Keywords:
Google, Google initial public offering (IPO), Dutch auction, IPO, Securities and Exchange Commission (SEC), Yahoo, Larry Page, Sergey Brin, Market cap, Underwriter, Pricing, Value
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