October 24, 2003 — (WEB HOST INDUSTRY REVIEW) — Internet search engine Google (google.com) is considering hosting an online auction of shares early next year in an initial public offering, according to a report in the Financial Times. Investment bankers cited in the report predict the offering could value the company at more than $15 billion.
An auction would allow all investors to bid for Google’s shares directly, rather than leaving the investment bank to decide on the price of the shares and who should receive them.
A source close to the Mountain View, California-based company told the Financial Times that the electronic auction is designed to prevent the sort of financial scandals that have plagued corporate America in the last few years. The source added that the auction would slash underwriting fees paid to investment banks.
The Financial Times reported that an offering is likely to take place around March of 2004.
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