Thursday, August 19, 2004
Dutch Auction Disappoints
Where Do We Even Begin Dept:The Dutch auction was designed to be different, and it was designed to let the little guy have a piece of the IPO action. The Google founders wanted something different, something to show that Google was not your average dot com. But after pricing the stock at an outrageous three figure level that scared off the little guy, and thumbing its nose at Wall Street, Google's price has settled into the $85-$90 range and most institutions were left unable to participate around the world, or even in the US.
Much more will follow, and no one knows what the next few days will hold, but the worst part is taking that love for a company almost everyone felt and tarnishing a brand that was doing just fine.
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8:39 AM
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