Internet search portal Google Inc. announced on Wednesday that it had received regulatory approval from the Securities and Exchange Commission to go ahead with its initial public offering (IPO).
According to reports, Google revealed on Wednesday that it had closed its share auction at 5pm (ET).
However, the firm additionally revealed that the IPO was likely to be significantly reduced in size, with the stock expected to float at between $85-$95 per share, generating in the region of $1.86 billion. The search site has been beset by troubles in the run-up to its initial share offering, and in recent weeks revealed that it may have violated US securities rules by failing to declare shares issued to employees and contractors.
Additionally, the firm's co-founders recently gave an interview to Playboy magazine, in violation of the 'quiet period' rules imposed on businesses in the run-up to their IPOs.
There had been some concern earlier in the week when the SEC delayed approval of the stock sale, which Google had requested be granted on Tuesday afternoon.
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