Google IPO trading imminent

Bidding on Google IPO shares is expected close as early as Tuesday evening, with trading possibily beginning as early as Wednesday.

The search giant has asked the U.S. Securities and Exchange Commission to declare the registration of its IPO shares effective on Tuesday at 4 p.m. EDT, according to a notice posted on the company's public-offering site.

After the SEC registers the shares, Google will notify investors they have one hour left to submit their bids.

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Although Google and its underwriters could price the stock as early as Tuesday night and its shares begin trading Wednesday, a source familiar with the deal said it is not likely to move that fast.

"All indications are: The auction will close late tomorrow afternoon or early evening," said one source familiar with the auction. "Things are on track."

Pricing of the shares, however, is not likely to occur until sometime after the market closes on Wednesday, with the shares trading on the following day, the source said.

Google, which faced a lot of fanfare when it filed for its IPO last April, has now been subjected to criticism and controversy over its handling of the offering.

And while the company has placed a price range of $108 to $135 for the shares, a number of market watchers expect the deal to ultimately price south of that range.

A number of institutional investors are skeptical of the offering and the ability of the stock to move up, once it begins trading. Others, however, are taking a wait-and-see approach before investing in the stock.