As found on The Raw Story,
http://rawstory.comNEW YORK (Reuters) - Google Inc., the Web search engine, on Wednesday slashed the price range on its eagerly awaited initial public offering to between $85 and $95 per share from $108 to $135 per share.
Google also said shareholders are reducing the number of shares they plan to sell to 5.5 million, a reduction of about 6.1 million shares, or more than 50 percent, in light of the lowered price.
Google said it still plans to sell about 14.1 million shares.
The Mountain View, California-based company disclosed the changes in a statement posted on its IPO Web site,
http://www.ipo.google.com. The changes reduce the maximum size of the IPO to about $1.9 billion, and the potential maximum valuation of the entire company to less than $26 billion, a decline of more than $10 billion, based on securities filings.
http://www.reuters.com/newsArticle.jhtml;jsessionid=GUVL0PHEFKRB4CRBAE0CFFA?type=businessNews&storyID=6004506http://news.bbc.co.uk/2/hi/business/3575680.stm