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Failure of the masses

19 August 2004 By Robert Cyran

The search engine hoped to rewrite Wall Street’s rules on IPOs. But Google’s auction was so shambolic that it won’t attract many copycats. Avoiding a traditional float ended up saving about $50m in fees at a probable cost of a few billion in market cap. Avoiding a traditional float ended up saving about $70m in fees at a probable cost of a few billion in market cap.

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