Google $2.7bn IPO nears with decision to list on Nasdaq

NEW YORK - Google has revealed that it has chosen Nasdaq to list its shares, favouring the technology-led exchange over larger rival the New York Stock Exchange.

Reports say that the company's IPO, believed to be worth more than $2.7bn (拢1.5bn), could now come as early as the end of July. 's owners revealed in April that it intended to float after months of speculation.

Google has steadfastly refused to conform to type with the offering of shares and has opted for an auction system and will not offer preferential shares for favoured investors.

In its filing to the Securities & Exchange Commission, which has yet to approve the listing, Google outlined a company manifesto that included the pledge that it would not be evil and that it would strive to make the world a better place.

It has also warned potential investors that it faces serious competition from bigger, more established rivals such as Microsoft and Yahoo!, and that it expects that its revenue growth rate will decline in the future.

  • Google has bought a California-based digital photo management company called Picasa, it said yesterday. Picasa, founded in 2001, works in parthership with Google's Blogger service to make publishing digital photos faster and easier. Google did not disclose financial details of the deal.

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