This is partly right, partly wrong. The Dutch auction process normally would limit the initial change, either up or down, but keep in mind that Google added a modification. The auction itself determined both the initial customers for the offered shares, and the clearing price (highest offering price that would find buyers for all of the shares). However, Google was free to actually offer the shares at a price lower than the clearing price, and given the suspiciously round $85, almost certainly did. It's likely that they did not offer at as large a discount to market price as a traditional IPO, but whether that discount was $0.13 or $15.13 I could only guess at this point.
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This is partly right, partly wrong. The Dutch auction process normally would limit the initial change, either up or down, but keep in mind that Google added a modification. The auction itself determined both the initial customers for the offered shares, and the clearing price (highest offering price that would find buyers for all of the shares). However, Google was free to actually offer the shares at a price lower than the clearing price, and given the suspiciously round $85, almost certainly did. It's likely that they did not offer at as large a discount to market price as a traditional IPO, but whether that discount was $0.13 or $15.13 I could only guess at this point.