Legg Mason portfolio strategist Bill Miller has targeted forthcoming shares of Google for the Legg Mason Value Trust fund, Reuters reports. The anticipated Google initial public auction has stirred up excitement among institutional investors who value the company's rock-solid brand name. Nonetheless, the pending IPO raises questions about how they will acquire shares that are scheduled to come to market through an unusual Dutch auction process.
Miller, who is known for outperforming the Standard & Poor's 500 Index by betting on technology companies, told a group of reporters attending a press luncheon that assessing the value of Google before making a bid for shares has become a top priority at Legg Mason.
The bidding process is based on investors' estimate of the company's market value. Miller refused to disclose his analysis of Google's market value and only said he believes the company is worth between $18 billion and $55 billion. Google hopes to raise $2.7 billion in its first IPO and has chosen the Dutch auction process to ensure that smaller investors have a shot at acquiring shares.

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