Updated from 10:52 a.m. Google gave the flagging Internet sector hope Monday with news that its initial public offering is drawing strong demand. The search-engine company said in a regulatory filing that it expects to raise as much as $3.32 billion in its hotly anticipated IPO. Google pegged the per-share price at between $108 and $135. The top end of that range is half again as much as some observers had expected, and puts the company's price-to-earnings ratio well into the triple digits. The positive development comes at a crucial time for pricey Net stocks. After a robust first half of the year, these companies have been hit hard this month amid growing worries about valuations and competition. Investors grew skeptical after Yahoo!'s ( YHOO) less-than-scintillating second-quarter earnings report three weeks ago, and the sector's prospects appeared even dimmer after earnings setbacks at Amazon ( AMZN) and eBay ( EBAY). Now, with Google's IPO drawing strong interest, investors hope that the company's rivals -- ranging from giants like Yahoo! and Microsoft ( MSFT) to also-rans like Ask Jeeves ( ASKJ) and FindWhat ( FWHT) -- will see their shares bid up as well. Early Monday, shares in the big Internet stocks were narrowly mixed, with eBay down a penny at $75, Yahoo! up 19 cents at $28.38 and Amazon up 19 cents to $40.17.