Google Inc.'s initial public offering of 19.6 million shares priced at $85 each, the low end of their projected range, a source familiar with the auction told the Wall Street Journal, whose sources passed the story along to Raw Story about 30 minutes before it hit the wires this evening.
The price is nearly 40 percent less than the company's originally predicted high. The IPO will raise $2.67 billion and making it the fourth-largest U.S. IPO this year.
The reduced pricing came after Google cut the price and size of the deal. It lowered the expected share price range to $85 to $95 from an earlier estimated pricing range of $208 to $235. It also slashed the number of shares being offered to about 19.6 million from 25.7 million.
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Originally published on Wednesday August 18, 2004.
