Surowiecki on the Google IPO ⇒
21 August 2004, early morning
This is a post from my link log: If you click the title of this post you will be taken the web page I am discussing.
21 August 2004, early morning
This is a post from my link log: If you click the title of this post you will be taken the web page I am discussing.
i guess depending where you get your information, it appears as though the major investment firms who were set to underwrite google’s offering, progressively dropped out of the deal. this left them to either underwrite with a much smaller and less reputable syndicate or auction the shares. was the auction a bold and revolutionary ‘fuck you’ to the back-scratching and deal-making of wall street, or did they really have no other option? they also cut the IPO volume in half prior to opening. if demand was high enough, this should have forced their first day close to be well above their expected value, which didn’t happen.
if you needed to raise a couple billion dollars, how much spin would you be willing to use?
by rishi on August 21 2004, 1:51 pm #