Shares of Google Inc. closed sharply higher Thursday on their first day of trading on the Nasdaq Stock Market after the company cut its IPO (initial public offering) price Wednesday.

The share rose 15.34 US dollars to 100.34 dollars on the NasdaqStock Market, above the 85 dollars price at which the company and investors made the biggest auction-style IPO. The IPO price was the low point of a range set Wednesday after the company was unable to get as much as it wanted.

Some fund managers said that 85 dollars per share was a fair price and reflected the underlying value of the stock.

Google sold the shares through an auction that challenged the way Wall Street firms handled the IPO and failed to win support from some important institutional investors.

At a road show in New York last month, some institutional investors were skeptical about the auction model and said the IPO price was too high. At least 19 other companies canceled the IPOs this month amid a drop in computer-related stocks.

While Google Inc. gained, some other search engines posted decline. Yahoo! Inc. fell 37 cents to 28.11 dollars and Ask JeevesInc. shed 4 cents to 26.04 dollars.

Source: Xinhua