Google shares are currently up ~$16 per share to $100, an increase on the revised opening price ($85) of ~20%.
Forbes talked to Barry Randall, portfolio manager for the First American Technology Fund, who remarked "The surge may indicate many institutional investors sat on the sidelines for the initial offering."There were a lot of institutional investors who were spooked by not only the initial auction scenario but also the missteps along the way. I suspect many of them did regard it as a healthy business model, and now they have the ability to purchase the stock from the open market instead of the managers. I think they feel more comfortable."
Google will undoubtedly be happy with the days trading; they haven't had any disaster that some analysts had predicted. Equally, the share price seems to have settled at what for them can only be viewed as a very reasonable figure.
For more information, see our previous story here.
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