Google slashes IPO sale almost in half
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Google slashed the value of its initial public offering almost in half Wednesday as a cool reception by investors, regulatory problems and a poor market for Internet stocks dogged the search engine giant on the eve of its market debut.
Google cut the range of its IPO price to $85-$95 per share from $108-$135 per share and the number of shares that shareholders plan to sell to 5.5 million from almost 12 million. The cuts mean Google will raise about $1.8 billion in the sale, down from an originally expected $3.5 billion.
