Google files to sell 14.16M shares

[HenryTo]

An additional $4 billion in the supply of Google shares is no laughing matter (equivalent to about two weeks of mutual fund inflows on good weeks). This is going to put pressure on the overall markets in the weeks ahead.
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Google files to sell 14.16M shares
Nearly a year since the IPO, shares of the Internet search company are trading at about $285.
August 18, 2005: 7:35 AM EDT

It's been nearly a year since Google went public.

WASHINGTON (Reuters) - Internet search company Google Inc. filed with regulators to sell up to 14.16 million shares of class A common stock Thursday.

The filing comes on the eve of the first-year anniversary of the company's IPO. Shares went public at $85 on Aug. 19, 2004.

Google said in a filing with the Securities and Exchange Commission that it would use the proceeds for general corporate purposes, including working capital, capital expenditures and acquisitions of complementary businesses, technologies or other assets.

It said, however, that it has no current agreements or commitments for any material acquisitions.

Shares of Google (Research) dipped in premarket trade on the Inet electronic brokerage, edging down 2.8 percent from their Wednesday closing price of $285.10 on the Nasdaq.

Based on that price, the offering would be worth about $4.04 billion.

Morgan Stanley, Credit Suisse First Boston and Allen & Co. are underwriting the offering. They have the right to buy an additional 600,000 shares to cover over-allotments.