Finance History|Nasdaq MarketSite — Eighty-Five Dollars for Nineteen Point Six Million Class A Shares
· 2004-8
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Finance History|Nasdaq MarketSite — Eighty-Five Dollars for Nineteen Point Six Million Class A Shares
kevin
People treat Alphabet Class A as a Mountain View holding company that always printed GOOGL.
The first public print was a Google Class A book sold by auction under the letters GOOG.
On 18 August 2004 Google set the auction clearing price at 85 U.S. dollars a share, at the bottom of a revised 85-to-95 range after cutting an earlier 108-to-135 range.
The company sold 14,142,135 Class A shares.
Selling stockholders sold 5,462,917 more, for a total of 19,605,052 shares.
Trading began on the Nasdaq on 19 August 2004.
The Class A shares opened well above the auction price and closed at 100.34 U.S. dollars, about 18 percent above the 85-dollar print, on volume of more than 22 million shares.
Only the 14.1 million primary shares put cash on Google's books.
The auction was a modified Dutch auction: winning bids all paid the same clearing price, rather than a banker allocating a hot book to favored accounts.
The method did not stop first-day flipping.
Volume on the open exceeded the whole offering, which means the new float changed hands at least once that Thursday.
Class B shares, with ten votes each, stayed with the founders and were not part of the public book.
The ticker GOOG later moved to the non-voting Class C line; the voting Class A line took GOOGL after the 2014 dividend.
The 2015 Alphabet merger converted each Google share into a matching Alphabet share and left both tickers in place.
The first public mechanism was this auctioned Class A sale, not the later holding-company name.
Photo: Nasdaq MarketSite Times Square facade from the listing-collection cover.
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