The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Deals of the year: North America

Best IPO

Google
Deal size: $1.67 billion

Date: August 2004

Bookrunners: Morgan Stanley, CSFB

Record-breaking, innovative, controversial and the most talked about IPO anywhere in 2004, Google's $1.67 billion issue is an obvious choice for deal of the year.

It is the largest US internet IPO ever as well as the largest non-spin-out technology IPO. It was also the largest technology IPO of 2004 and the largest US IPO ever offered through an auction process.

Although Google was forced to lower its price range, largely because of a fall in the share price of comparables including Yahoo, it still managed to get investors to pay a PE multiple of 155, for which they bought little influence over management. And all this was achieved through an IPO process that was maligned daily in the press by institutional investors.

In the event, both the selling shareholders and investors were pleased with the deal.

Google succeeded in doing things on its own terms and avoiding an excessive 1990s-style one day "pop"; investors got shares that have since risen 115%.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree