garyp
08-09-2004, 10:06 PM
Some Investors Get An Edge In Bidding On Google IPO
Source: Dow Jones
http://money.iwon.com/jsp/nw/nwdt_rt.jsp?section=news&news_id=dji-00053220040809&feed=dji&date=20040809&cat=INDUSTRY
Bidding rules differ depending on where you have an account.
Google has sought equal rights for all investors.
But some investors' rights are more equal than others.
Rules on bidding for the $3 billion auction-style initial public offering of Google Inc. will vary widely, thanks to a broad range of guidelines set up by the different underwriting firms, the company said Monday, raising the specter that investors at some firms will have a better chance of winning shares in the auction.
Google, the online search company in Mountain View, Calif., on Monday raised the number of shares it planned to sell in its initial public offering to 25.7 million from 24.6 million, to reflect an additional 1.1 million shares sold by its existing shareholders.
But the company also clarified how some of the firms taking part in the IPO have markedly different rules. In short, some investors will be able to make several bids, while others will not. And, while Google had wanted a minimum of five shares per bid, at least one firm wants more.
<snip>
The new rules, disclosed in a filing with the Securities and Exchange Commission, suggest some investors will have an inherent advantage over others in the bidding.
Source: Dow Jones
http://money.iwon.com/jsp/nw/nwdt_rt.jsp?section=news&news_id=dji-00053220040809&feed=dji&date=20040809&cat=INDUSTRY
Bidding rules differ depending on where you have an account.
Google has sought equal rights for all investors.
But some investors' rights are more equal than others.
Rules on bidding for the $3 billion auction-style initial public offering of Google Inc. will vary widely, thanks to a broad range of guidelines set up by the different underwriting firms, the company said Monday, raising the specter that investors at some firms will have a better chance of winning shares in the auction.
Google, the online search company in Mountain View, Calif., on Monday raised the number of shares it planned to sell in its initial public offering to 25.7 million from 24.6 million, to reflect an additional 1.1 million shares sold by its existing shareholders.
But the company also clarified how some of the firms taking part in the IPO have markedly different rules. In short, some investors will be able to make several bids, while others will not. And, while Google had wanted a minimum of five shares per bid, at least one firm wants more.
<snip>
The new rules, disclosed in a filing with the Securities and Exchange Commission, suggest some investors will have an inherent advantage over others in the bidding.