What's a Dutch Auction? Google It -- WSJ

Dow Jones2022-08-19

By Jason Zweig

On this day in 2004, in the most eagerly anticipated initial public offering in years, Google's stock began trading.

The company conducted a rare "Dutch auction" in which bidders, including individual investors, competed to create the price at which all shares could be sold.

Initially priced at $85, the stock opened for trading at $100 a share and closed at $100.335 on volume of 22.4 million shares. Although most investment bankers jeered, the IPO was a success.

Google became Alphabet in 2015 .

NOTE: In-line links reference additional content of interest chosen by the WSJ news team.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

$(END)$ Dow Jones Newswires

August 19, 2022 07:16 ET (11:16 GMT)

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