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Google Shares Took Off, but the Auction Didn't

A decade ago Tuesday, as top Google executives ceremoniously huddled at the Nasdaq Stock Market in New York for the search engine’s much-hyped trading debut, Lise Buyer, a company director, sat with co-founder Sergey Brin in the Silicon Valley office of lead banker Morgan Stanley. There was coffee and fruit, but little appetite for it in the room. From a TV screen, a half-dozen employees and bankers watched the stock, which had been priced at $85 in the initial public offering, immediately jump to $100: Success!

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