Google unveils plans for initial public offering
INTERNET BUSINESS NEWS-(C)1995-2004 M2 COMMUNICATIONS LTD
Online search company Google has revealed its plans to float on the US stock market in order to raise an estimated USD2.7bn.
The stock will be sold via an online auction rather than the traditional allocation by big banks so that the general public will have a better chance to buy stock before the shares begin trading, according to the company.
Co-founders Sergey Brin and Larry Page are expected to become billionaires while several Google employees are reportedly hoping to become millionaires.
The initial public offering will be led by Morgan Stanley and Credit Suisse First Boston and is expected to value Google at around USD20bn.
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