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TechCheck

Google’s IPO 20 Years Later 8/19/24

TechCheck

CNBC

Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.566 Ratings

🗓️ 19 August 2024

⏱️ 7 minutes

🧾️ Download transcript

Summary

20 years ago today, Google debuted on the Nasdaq with a $23 billion market cap as a mere search engine company. Today, it’s now ballooned to a $2 trillion megcap with its hands in cloud, chips, AI and more. It also used an unconventional listing method: a Dutch auction, which let employees and retail investors participate more in the IPO. We spoke to Michael Grimes, the investment banker known as the Silicon Valley IPO whisperer and led the listing, on the anniversary.

Transcript

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0:00.0

Google's landmark public debut going from, oh, just a measly $23 billion

0:05.0

search engine to a $2 trillion cloud chip and AI mega cap.

0:10.8

Our dear D'Jibosa had a rare interview with one of the lead

0:13.8

investment bankers behind the listing a true legend in Silicon Valley who

0:18.4

never speaks to the media for today's tech chat.

0:23.0

Can't wait to hear what he said.

0:24.5

You get it, Leslie.

0:25.6

That's right.

0:26.1

He very, very rarely speaks to the media.

0:28.6

And it was so fun to go back along memory lane.

0:31.1

That was Morgan Stanley's Michael Grimes. He's also known as Wall Street

0:34.4

Silicon Valley Whisper. He has been behind some of the biggest tech IPOs over the last two decades

0:39.7

including Googles which he called Mement. And we're going to show you some footage

0:43.5

from that day 20 years ago.

0:44.8

Here he is at that opening bell at the Nasdak.

0:47.2

He's in the back row in the middle,

0:49.4

and in front of him, co-founder Sergei Bryn, Larry Page, and CEO Eric Schmidt. He tells me that the

0:55.3

IPO was the start of the next era that Google and the other megacaps that

0:59.8

followed that really changed the way we work, live, and play in bigger ways than they could have imagined at the time.

1:06.0

He also reflected on the unorthodox way that Google actually went public.

1:10.0

That was through a Dutch auction that allows a broader range of investors to participate

1:15.1

like retail investors and employees versus the traditional institutional buyers in a typical

...

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