Lite mer info kring vad jag skrev ovan:
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http://www.nytimes.com/2004/04/30/te...=all&position=
Instead of selling a small number of shares at a predetermined price, which often stokes demand for the stock when it begins trading, Google will auction its shares to the highest bidders. In that way, the windfall profits from the offering will go to the company and its private shareholders, not to favored customers chosen by Wall Street investment banks. In its registration statement, Google explicitly warns investors not to buy the offering in the hope of making a short-term profit by flipping their shares.
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http://www.nytimes.com/2004/04/30/te...=all&position=
And the unusual auction method that Google has chosen poses additional risks. If the price bid by initial buyers goes too high, there may be few takers once the shares start trading in the stock market.
Experts in such auctions, which are widely used internationally but are rare in the United States, cautioned that a wealth of experience overseas suggested a real possibility that the Google offering could be dramatically overpriced.
"What really disappoints me is that Google has chosen a method that has been in use for 20 years and has failed everywhere it has been tried," said Ann E. Sherman, an assistant professor in the department of finance at the University of Notre Dame and an expert on initial public offerings auctions.
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http://www.nytimes.com/2004/04/30/te...30auction.html
For months, investment banks vied to win the job of underwriting Google's much-anticipated initial public offering. But as details emerged yesterday about the unusual auction process that Google's founders have chosen, questions have arisen about whether the scramble for a piece of the action was worth the trouble.
Google hired Morgan Stanley and Credit Suisse First Boston as underwriters, but it might as well have hired eBay. Gone is the bankers' flashy road show to sell investors on the deal, gone are the complex valuation models that bankers toil on to set the offering price - and gone are the high fees. Executives close to the deal said the banks would get a fee of about 3 percent, or $81 million, of the total offering. Though not small change, that is down from the 7 percent they typically charge - in this case $189 million.
Google's offering does away with all that in favor of an egalitarian auction where investors help run the show, and they do it all online. Investors, in large part, will have to sell themselves on the deal by reading the sales materials online, placing bids that will set the price online and eventually buying the shares online.
