Google Deletes NYSE for IPO; Clicks OK on Nasdaq

14 July 2004

Continuing an archetypical Google-ish approach to its upcoming stock market debut [WAMN: 30 Apr-04], the all-conquering internet search and advertising company has spurned the illustrious conservatism of the New York Stock Exchange in favor of the techno-glitz of the Nasdaq Stock Market.

In its most recent statutory filing with the US Securities and Exchange Commission, Google named Nasdaq (National Association of Securities Dealers Automated Quotation) as its channel of choice for the flotation.

The Google business -- one of the biggest and highest profile IPOs of recent years -- is a major trophy even in the rarefied world of stockdealing where they tend to lose count of the trailing zeros. The initial offering is said to be worth $2.7 billion (€2.18bn; £1.45bn) and the smacking of Wall Street lips can be heard in Ulaan Baatar.

The NYSE was publicly gracious in defeat, and through gritted teeth wished Google's founding ex-student duo, Sergey Brin and Larry Page, success in their flotation: "Google is an outstanding company with a great management team, and we wish [it] well with its initial public offering," said the loser.

Wall Street pundits claim to have favored Nasdaq from the outset. "I wouldn't say it's a huge surprise," said the prescient Robert Hegarty, vp of securities and investments at Reuter's research unit Tower Group.

"Google obviously is the biggest technology IPO to come out in years, and Nasdaq probably pulled out all the stops to retain their reputation as the world's leading technology [market]," Hegarty opined. "My guess is that they made it real attractive."

Data sourced from: Reuters; additional content by WARC staff