Finance History|Nasdaq MarketSite — Eighty-Five Dollars After a Dutch Auction Called GOOG
· 2004-8
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Finance History|Nasdaq MarketSite — Eighty-Five Dollars After a Dutch Auction Called GOOG
kevin
People treat Alphabet as a Mountain View search house that always printed GOOGL on a mature Nasdaq book.
The first public print was a six-year-old search company selling Class A under the letters GOOG.
Google used a Dutch auction rather than a conventional underwritten allocation. Winning bids all paid the same clearing price.
The company cut its range to 85-to-95 U.S. dollars from 108-to-135 and reduced the lot. Wired and the Los Angeles Times recorded 19.6 million Class A shares priced at 85.00 U.S. dollars on 18 August 2004, about 1.67 billion U.S. dollars raised in 2004 currency.
Trading began on 19 August 2004 on the Nasdaq Stock Market. Wired put the close at 100.34 U.S. dollars on more than 22 million shares.
The garage on Santa Margarita Avenue is a separate memory. So is the 2015 Alphabet holding-company rename.
The pin is the Times Square MarketSite board that later carried the tape. The 2004 print itself ran on Nasdaq's dealer network, not inside a visitor studio.
The mechanism is an auction IPO that cleared below the first advertised range and still opened a quoted Class A book.
Photo: Nasdaq MarketSite, via the collection photograph already ingested for Nasdaq listings.
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