So it’s up 20%. Don’t you love that Google popped, despite all the naysayers jabbering that it would fall on the open to $70 or worse? My forecast of a double-digit percentage increase for the first-day looks awfully good. Granted, Google is still not my long-term cup of tea, but waaaay too many folks miscalled the opening.
Just for fun, here are the first few paragraphs of my National Post column on the subject that appeared today (and that I wrote yesterday):
This has become a dream scenario for Google IPO buyers. The online search company’s hiccups and heartaches on the way to going public make it increasingly likely that the (relatively) few brave folks who bid in the auction for the company’s stock will make out like bandits.
Why, then, are we being bombarded with negative stories about the offering? People call it expensive, point to the search company’s dual-class share structure, and generally carp about how dear Google’s newly-public shares will be.
To the extent that such investors are telling the truth about their intentions, they are wrong. Sure, Google’s stock is expensive, but so is the stock of Google’s peers — AskJeeves and the like — and so has been almost every newly-public high-profile company in the last decade. You don’t get to be Google’s size and prominence, and then somehow tiptoe public.