Google, the internet search engine, has priced its initial public offering at $85 a share to raise $1.67bn (€1.35bn), almost half its original $3.4bn target, at the bottom of a substantially reduced price range and after a process dogged with controversy. It had hoped to price at up to $135 per share.

The issue will rank Google as the fourth largest flotation in the US this year, according to Dealogic, the research house. At the mid-point of its initial pricing range, it would have been by far the largest.