NEW YORK (voa) – Reports say Google, the world’s most popular Internet search engine, has set a price of $85 a share to open the sale of its stock to the public.
U.S. securities regulators approved the sale Wednesday, and Google said it had ended bidding on the 19.6 million shares it is putting on the market in an unusual auction-style sale.
Shares could begin trading on the stock exchange as early as Thursday.
Google says the auction-style Initial Public Offer was designed to make it easier for ordinary people to buy stock.
In its filing to the Securities and Exchange Commission, Google revealed further details of the online auction process.
It said bidders would have to resubmit bids if more than 15 business days had gone by since they were submitted or if any changes to the company prospectus meant it would have to be recirculated.
Any unconfirmed bids would be disregarded and “deemed to have been withdrawn”, the filing said.
