It seems like a long time ago but it was only five years ago today that Google went public at $85/share.

In hindsight, what’s particularly amazing about the much-anticipated $2.7-billion IPO was the distinct lack of enthusiasm about it. This forced Google to reduce the offer price from $95/share.

Some of the concerns among investors included legal issues, a downturn among high-tech stocks, and Google’s unwillingness to offer much insight into how its AdSense program worked (something that still exists today).

There was also uncertainty about the “Dutch Auction” approach Google decided to use, which distributed shares directly to individual investors rather than the traditional approach that involves investment bankers and major brokers.

“I would not be stunned if Google closes down. Internet search companies have been through the ringer for the past few weeks,” Brian Bolan, an analyst with Marquis Investment Research, told CNet at time time. “A couple of up days don’t make a trend. There isn’t a full-throttle conviction behind this market.”

Michael Cohen, director of research with Pacific American Securities, said Google being valued as a mature company was “assuming a best-case scenario, which isn’t a for-sure outcome”.

Of course, it’s easy to have 20-20 hindsight given how well Google shares have done over the past five years, peaking at $714 in December 2007.

At the time, Google had been the world’s leading search engine for three years, and it had made nearly $1-billion in revenue and $105.6-million in profits in 2003. Still, there were more than a few people who really had a handle on how lucrative the company’s AdSense business was going to be.

As well, I’m not sure many people really understood that Google’s strategic ambitions went far beyond search.

Still, I can before thinking before the IPO that that investing in Google’s IPO was a no-brainer. Of course, even if I wanted to buy shares, I couldn’t because I didn’t have the cash and, as a reporter, I wasn’t allowed to buy shares in companies that I covered.

Here’s a copy of Google’s IPO letter from Larry Page in which he describes it as “not a conventional company”, and here’s Google IPO filing with the SEC, including the business risks.

Here’s a chart of Google’s stock performance over the past five years.