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Google Increases Number Of Underwriters For Its IPO

Staff Writer
Published: 2004-05-24

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The world's most popular search engine, Google has added additional underwriters for its planned $2.7 billion IPO. Google named 29 other banks to assist the already named Morgan Stanley & Co. Inc. and Credit Suisse First Boston.

The additional underwriters include Allen & Co. LLC, Citigroup Global Markets Inc. and Goldman, Sachs & Co. These banks were named in an amended statement to the SEC.

Google filed their IPO on April 29, 2004. Their filing represents one of the most anticipated Silicon Valley stock offerings since the tech crash in 2000.

No word has been made of when Google's Class A stock, to be sold by the Dutch auction method, will be made available to the public. In the mean time, the search engine has worked at making its product more attractive to potential investors.

Currently, Google is beta-testing its highly anticipated web-based email service, Gmail. They are also preparing the launch of the Google Deskbar. The Deskbar, code named "Puffin", will be a free download that will give users the ability to search their computers with Google's search and indexing technology, directly from their desktop.

The search engine has also added an upgrade to their considerably lucrative AdWords/AdSense program. Responsible for roughly 95% of its revenue, Google has begun offering image-based ads to ad clients.

Google has made updates to its website has well. Froogle, Google's shopping search engine has been promoted to the front page, causing a considerable increase in its use.

Another update Google has introduced is the launching of Google Local Search, which is designed around pinpointing search to local areas, based on zip codes, address, and state information. Google is also planning to expand its ad programs to cover the local search area. It will be aimed at attracting locally owned small businesses.

These moves were made to increase Google's usability to it users. However, the byproduct has made Google an even more attractive web presence, while also increasing their investment value.

Thanks to Andy Beal for pointing this out.

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