Bidding Under the Google Price Range

Various papers (and my own fund manager contacts) have turned up a surprising number of institutional investors who are a) bidding on the Google IPO, and b) bidding well under the Google-quoted range of $108-$135. Assuming this isn’t purely anecdotal empiricism, my contrarian forecast looks better and better, as a low consensus means a solid first-day pop as lots of people who were confused by the auction see the “low” opening price and buy in the after-market.