SEL: Google files for $2.7 billion IPO

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Search marketing in the new media era.

April 29, 2004

Google files for $2.7 billion IPO

Google files...Google files....and the whole world goes into a frenzy!

In the filing, Google said that it generated revenues of $961.9 million in 2003 and reported a net profit of $106.5 million. Sales rose 177 percent from a year ago although earnings increased by just 6 percent.

For the first quarter of 2004, Google reported sales of $389.6 million, an increase of 118 percent from a year ago. Net income was $64 million, up 148 percent from the first quarter of 2003.

Plans for a Dutch Auction

"It is important to us to have a fair process for our IPO that is inclusive of both small and large investors...we believe that an auction-based IPO will minimize these problems," Brin and Page said.

Google did not say in its filing whether it intends to list on the New York Stock Exchange or the Nasdaq. Most of its competitors list on the Nasdaq.

Andy Beal | permalink | +marktd |

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