Debuting Google makes early gains
Google shares made their much-anticipated stock debut in New York today and immediately saw their price rise 15% higher.
The stock, which was priced at a level significantly below original estimates, lifted from an initial $85 (€68.75) to $98 (€79.26) after trading began on the tech-laden Nasdaq exchange.
One of the highest profile offerings of dotcom shares in recent years, the path to market has been a rocky one for Google after it revised down the proposed price range yesterday and cut the number of shares available.
It finally announced last night that it sold 19.6 million shares at $85 each.
Google unveiled plans to float in April and surprised the market by opting to sell its shares via a Dutch auction, which gave individual investors a better chance of acquiring a stake in the company.
The price was determined by the investors, who stated how much they were willing to pay for each share.
The highest bidders were guaranteed a stake in the company and the issue price was set by the lowest bid after all shares were allocated.
