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August 26, 2004
Google delaying its IPO by a week
Google is delaying its IPO by a week because of logistical problems related to institutional investors registering to bid on the shares, according to a person familiar with the matter.
The delay isn't being caused by a technological problem or a lack of bidders, the person stressed. Rather, the process of registering bidders for the auction-style IPO is taking longer than anticipated, the person said.
Part of the problem, the person said, was that Google's IPO, which is being led by Morgan Stanley and Credit Suisse Group's Credit Suisse First Boston, is being run through an auction format that had never been tried before. "It's all new," the person said. "We just hit a speedbump."
News of the possible delay was first reported by CNBC.
Officially, Google had never set a date for the deal, though people familiar with the matter had pegged the date for next week.
What's more, Google had said it would be about a week from the time it activated the Web site on which investors can register until they priced. That site was activated last Friday.
Interesting that this is a one source story.
Source: BattleMedia.com
Posted by nakul at August 26, 2004 04:46 AM | TrackBack