From my column in tomorrow’s National Post:
So where are all the naysayers now? It is almost exactly a month since Google went public and the search company’s stock is up an impressive forty percent from its $85 selling price.
It already seems a million years ago, but search company Google came public back on August 19th. The process felt interminable, with Google having announced back in April that it planned to do a public offering of its shares and the company becoming a kind of lightning rod.
As the slow march public wore on the criticisms and sniping became overwhelming. Google is going to fail! Google is going to have to retract the offering! Look, Google is lowered its pricing range! It was incessant, and it almost certainly kept many investors away from the offering in August.
Too bad. Because while there were flaws in Google’s offering, they were nowhere near as bad as many critics made them out to be. As I wrote in this column in early August, tireless critics turned the Google public offering into a dream scenario. By carping so long and so loud they made sure that the auction came at a lower price than would otherwise have been the case, a price that virtually guaranteed a first-day pop and then a nice ride thereafter.