Google Inc. held its initial public offering on Nasdaq, defining a new era for tech companies in the stock market. The company's shares were priced at $85 each and offered as part of a unique auction system, contrasting with traditional methods. This unconventional approach aimed to set a fair market price reflecting real demand. The anticipation surrounding the IPO attracted significant media coverage and public interest, resulting in shares being heavily subscribed by both institutional and retail investors. Google’s strong financial performance and continued expansion in search engine technology and online advertising were part of its key selling points in the market.

The event played a critical role not just for Google but for the technology sector as a whole. With its market capitalization reaching over $23 billion on the first day of trading, Google emerged as a significant force among technology companies. By going public, Google not only raised considerable funds but also entered a new phase of growth and corporate oversight, which included increased scrutiny from investors and regulators. The involvement of high-profile investment banks, including Deutsche Bank and Morgan Stanley, underscored the significance of the IPO in the financial landscape.

In the years following its IPO, Google would go on to diversify its services and products, entering markets such as mobile operating systems, online productivity tools, and more, leading to its evolution into Alphabet Inc. This initial public offering laid the groundwork for the future direction of the company and established a new benchmark for tech IPOs.