Excerpt from Term Paper:

.... traded shares to an elite group of shareholder picked by the investment bankers handling the deal, to ensure that the founders maintain control over the direction of the company.
But in a move that surprised conventional Wall Street analysts, Google said the price of its IPO would be determined through an auction designed to give the general public a better chance to buy its stock before the shares begin trading. (Liedtke, 2004) Also displeasing to Wall Street bankers was Googles electronic selling of such critical first shares. This meant that the banks handling the deal, may get less than $100 million for the sale, based on commissions in similar-sized deals, possibly less than the 4 percent paid in IPOs of similar sizeAll this is going to be done electronically. It's going to be hard to justify the usual fees." (Liedtke, 2004)
Google also engaged in a bidding war between the two major stock exchanges to drive up widespread shareholder excitement, rather than trying to narrow its base and maintain control over the sales. Google set the stage for a publicity-generating battle between the New York Stock Exchange (NYSE) and Nasdaq Stock Market. (Liedtke, 2004) This showed a tremendous confidence

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