Google Shares Surge in Market Debut
Google Shares Surge in Market DebutGoogle Shares Surge in Market Debut
Thursday August 19, 1:06 pm ET
By Matthew Fordahl, AP Technology Writer
Google Shares Surge 22 Percent in Market Debut, Starting at $100.01 on the Nasdaq
SAN JOSE, Calif. (AP) -- Shares of Google Inc. surged nearly 22 percent in their market debut Thursday, the culmination of a unique and bumpy initial stock offering for the 6-year-old dot-com dreamed up in a college dorm room.
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The stock started at $100.01 on the Nasdaq Stock Market, $15.01 higher than its $85 initial offering price. Within the hour of trading, Google was at $103.42, with 12.7 million shares having changed hands.
The IPO price, set late Wednesday through an unorthodox auction that alienated many on Wall Street, cleared the way for the stock to start trading under the symbol "GOOG." Founders Sergey Brin and Larry Page opened trading on the Nasdaq, though Google didn't begin trading until midday.
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