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Google's [initial public offering] took place five years later on August 19, 2004. The company offered 19,605,052 shares at a price of $85 per share. Shares were sold in a unique online auction format using a system built by [Morgan Stanley] and [Credit Suisse] , underwriters for the deal. The sale of $1.67 billion gave Google a [market capitalization] of more than $23 billion. The vast majority of the 271 million shares remained under the control of Google, and many Google employees became instant [paper millionaires] . [Yahoo!] , a competitor of Google, also benefited because it owned 8.4 million shares of Google before the IPO took place.

The stock's performance after the IPO went well, with shares hitting $700 for the first time on October 31, 2007, [Daily Telegraph] Issue 47,409 Business Section Page B5 date, November 7, 2007 primarily because of strong sales and earnings in the online advertising market.La Monica, Paul R. " [Bowling for Google] ." [CNN] . May 25, 2005. Retrieved on February 28, 2007. The surge in stock price was fueled mainly by individual investors, as opposed to large institutional investors and [mutual fund] s. The company is now listed on the [NASDAQ] stock exchange under the [ticker symbol] GOOG and under the [Frankfurt Stock Exchange] under the ticker symbol GGQ1 .


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