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In the most recent development, at least three of the 30 brokerage firms hired for the IPO are baulking at Google's unusual demands that they ensure payment for any newly issued shares that aren't paid for by investors, according to people familiar with the matter. The Mountain View, California, company has asked the banks to put up letters of credit - some for about $US500million - in an effort to provide certainty about the IPO proceeds.
The investment banks, including Citigroup, Goldman Sachs and JPMorgan Chase, were refusing to grant the request, although they might reconsider if Google increases their fees, these people said.
From here [afr.com]