While most IPOs are accompanied by a 180 day lock-up period to keep insiders from selling all of their shares immediately after a float, Google has opted for a multi-lock date that will see shares being released more often, but in smaller quantities.
A total of 4.6 million shares are expected to be released for sale today, a small portion of the 270 million shares waiting to be released. With shares now trading at around $100 a piece, it's expected that venture capital companies that invested in Google will now dump their shares. Sequoia Capital and Kleiner, Perkins, Caulfield & Byers held on to their shares during the initial sale when they would have netted only $85 per share.
September 2, 2004
Jennifer Laycock is the Editor of Search Engine Guide, the Social Media Faculty Chair for MarketMotive and offers small business social media strategy & consulting. Jennifer enjoys the challenge of finding unique and creative ways to connect with consumers without spending a fortune in marketing dollars. Though she now prefers to work with small businesses, Jennifer’s clients have included companies like Verizon, American Greetings and Highlights for Children.
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