Google slashes IPO price range to $85-95 per share

Google, the Web search engine, today slashed the price range on its eagerly awaited initial public offering to between $85 and…

Google, the Web search engine, today slashed the price range on its eagerly awaited initial public offering to between $85 and $95 per share from $108 to $135 per share.

Google also said shareholders are reducing the number of shares they plan to sell to 5.5 million, a reduction of about 6.1 million shares, or more than 50 percent, in light of the lowered price.

Google said it still plans to sell about 14.1 million shares.

The California-based company disclosed the changes in a statement posted on its IPO Web site.

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The changes reduce the maximum size of the IPO to about $1.9 billion, and the potential maximum valuation of the entire company to less than $26 billion, a decline of more than $10 billion, based on securities filings.

Google also said it asked the US Securities and Exchange Commission to declare its registration statement effective as of today at 4 p.m. EDT (9 p.m. Irish time).

It said it plans to file an amendment to its registration statement this morning.