17 Aug 2004
Google has asked the US Securities and Exchange Commission (SEC) to declare its initial public offering (IPO) effective by 4pm today in New York, signalling the end of its Dutch auction-style launch.
The news means that trading in Google shares could start on the Nasdaq stock exchange as early as tomorrow, although commentators suggest that it would more likely start on Thursday.
The conclusion of the IPO will mean the company has turned a corner, ending the ongoing problems it has had in the run up to the launch and now opening up questions about what it's going to do with the $2bn it is going to raise.
The search engine-provider already has about $550m in the bank and has given little indication of what it will do with the extra cash.
Its IPO filing simply says: 'We currently have no specific plans.'
In recent months, the company acquired Picasa, a small software firm specialising in software for organising and sharing photos, as well as a minority stake in Baidu.com, a Chinese-language search engine.
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