Google Prices Stock Offering

Internet search giant Google (GOOG Quote) priced its planned offering of 5.3 million shares at $389.75 each, the company said in documents filed with regulators.

The sale was undertaken mostly in order to accommodate index funds that needed to buy shares of the company as it joined the S&P 500. The company officially became a member of the index after the close of trading Friday.

Google's pricing was described in a filing with the Securities and Exchange Commission. Shares of Google were off 35 cents, or 0.1%, to $389.65 in premarket trading Monday.