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Google IPO News
WebProNews
Staff Writer
2004-04-26
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It seems that Google is getting closer to filing their IPO. The IPO is expected to value Google at around $20-25 billion dollars. Plans for the search engine's public offering have been kept quiet to the point of being secret. Although today, April 26, 2004, comes news of Google making a deal with two investment banks to underwrite the offering.
According to CNN Money, the banks in question are Morgan Stanley and Credit Suisse First Boston. The two banks would share the estimated $100 million in banking fees for Google's IPO.
Google's filing date came back to the forefront when the it was discovered that the search engine would have to open its financial books to the SEC by the end of April 2004. The reason for Google having to divulge its financial records comes from an SEC rule that states that any company with over 500 shareholders and $10 million in assets is required to open their books. Google exceeds both of these limits.
Google appears hesitant to file publicly because co-founders Sergey Brin and Larry Page, who still maintain 30% ownership, do not want to relinquish control of the company.
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