Google floats today after SEC gives go-ahead
Approval for Google’s somewhat reduced flotation from the Securities and Exchange Commission will result in trading of the company’s shares starting later today.
The SEC signed its approval last night. The US$85 per share price values Google at US$23bn.
However, anticipated demand for the shares already appears to be somewhat lukewarm, with institutional buyers indicating they would stay away from the stock in the expectation of sharp price falls after the IPO.
By John Kennedy