Google appears nearer to IPO

SAN FRANCISCO — Online search engine leader Google Inc. appears to be on the verge of pursuing its initial public offering of stock.

The Mountain View, Calif.- based company may be forced to file the IPO papers within the next week because of an obscure Securities and Exchange Commission rule requiring privately held companies to open up their books after reaching a certain size.

The mandate applies to companies with more than 500 security holders of record and $10 million in assets — thresholds that Google is believed to have passed. After clearing those bars, a company must file an annual report within 120 days after the close of its fiscal year.

Google operates on a calendar year ending in December, giving the company until late April to reveal its 2003 results if it must comply with the SEC’s disclosure rules.