Google has named another 29 underwriters for its forthcoming IPO – these are in addition to the two lead underwriters Morgan Stanley and Credit Suisse First Boston. Amongst the new crop are JP Morgan Chase, Lehman Brothers and Deutsche Bank.
The sale is expected to raise US$2.7 billion (€2.26 billion) later this year, the biggest new technology stock sale since the wheels fell off the new economy in 2000.
Google’s sale will be unusual in that they are going to use a open auction process – investors will be able to bid for shares at a price they are willing to pay, a method that Google believes will be fairer to small investors. Since whoever pays the most still wins, that remains to be seen.