Google's IPO
12By the end of the first day's trading Sergey Brin and Larry Page's stakes in the company were valued at around $3.5 billion each. By some estimates, more than 900 employees became instant millionaire
Google elected to go for what is called a Dutch auction, also known as a descending price auction, where the auctioneer starts with a high price and gradually lowers it until a bidder accepts the price. While big banks and investors were not cut out it opened the field up to small investors who were willing to bid for as few as five shares.
The weeks leading to the IPO auction didn’t go particularly well for Google and it ended up cutting its planned IPO price from an original range of between $108 and $135 to a new target range of between $85 and $95 before finally settling on the low end of the reduced range.
On Google’s first day of trading, the stock jumped 18% finishing the day at around $100. Google split its stock in a two-to-one split in 2014, and reorganized its company under the Alphabet umbrella in 2015. Alphabet then did a 20 to 1 split in 2022.
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