Google Friday began taking bids for 25.7 million shares as part of an initial public offering that is projected to raise between $29 billion and $36 billion, which would put the Internet search engine
just shy of Yahoo!'s market capitalization. Google said it expects the auction to close next week, but gave no indication of the day. In one of a series of filings with the Securities and Exchange
Commission, Google warned investors that share prices are not expected to jump after their market debut, since as a Dutch-style auction, the price will already be based on what people are willing to
pay. Shares were projected to fetch between $108 and $135 per share. Google's IPO comes during a rough period for tech stocks. The Nasdaq has fallen 8 percent since the beginning of July, and fifteen
IPOs totaling $2.9 billion were withdrawn or delayed--the most in nearly 3 years, according to a
New York Times report.
