Google, the internet search engine that went public a year ago, said it plans to sell up to 14.8 million shares in a move that could raise more than $4 billion.
The success of Google has made it an adversary of large technology firms, such as Yahoo and Microsoft. The company needs more money to develop new products to ward off the competition. Still, it's unclear exactly what Google will do with the proceeds.
In a filing with the Securities and Exchange Commission, the company said it will use some of the cash to make unspecified acquisitions. The rest would be used for general corporate purposes.
Until it figures out what to spend the money on, Google said it would place the proceeds in "highly liquid, investment-grade securities".
In all, Google said it plans to sell 14.16 million of its Class A shares. It will also give underwriters as many as 600,000 shares to cover over-allotments.
Based on Google's closing share price on Wednesday of $285.09, the company could raise $4.2 billion. Morgan Stanley, Credit Suisse First Boston and Allen & Co. have been hired to manage the secondary stock offering.
