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NetSuite Plans Google-Style Auction IPO |
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Friday, 07 December 2007 |
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NetSuite expects its IPO to total 6.2 million shares and bring in at least $80.9 million.NetSuites IPO dreams are coming to fruition—with a twist.
NetSuite plans to begin trading on the New York Stock Exchange Dec. 21 under the symbol N. But NetSuite, majority-owned by Oracle CEO Larry Ellison, is taking a decidedly Google approach to selling its shares. When Google went public in 2004 with the hottest offering in years, the stock opened at $100.01. Google executives insisted on a highly unusual format of granting shares: an online auction. The theory was that an auction would make its shares more widely available, particularly to individual investors. This story continues in an external site (it will open in a new window). |