Indicating that the sale of Google’s publicly offered stock could begin at anytime, the search engine announced the price range of their Class A stock. Google also announced the symbol under which its shares would be listed.
The price for the 24.6 million shares Google plans on offering falls between $108 and $135 each. The symbol under which these shares will be listed is “GOOG”. Of these available shares, Google will sell 14.1 million, while current stockholders will sell the remaining 10.5 million.
The sale is expected to be worth between the aforementioned $2.7 billion to $3.3 billion, with, according to Reuters, a market capitalization worth $36.25 billion. Of the $3.3 billion, Google is expected to receive $1.6 billion, which it plans on using towards general corporate purposes.
Google will not receive any of the proceeds from sales made by current shareholders. The search engine, in the report announcing their share prices, also announced that their second quarter profits were 24% higher than the first quarter’s.
Google also revealed how many shares current stockholders AOL and Yahoo would be offering to the public. AOL is set to offer 743,745, while Yahoo is making 549,888 shares available.
Read Google’s newest amendment to their initial SEC filing here.
Chris Richardson is a search engine writer and editor for Murdok. Visit Murdok for the latest search news.
