In a move that took industry watchers by surprise and immediately began speculation that Google intends to extend its business beyond search and search-based advertising, Google said yesterday that it would offer 14,159,265 million Class A shares, which would raise some $4 billion (based on Wednesday's closing price of $285.10), writes the New York Times. Google raised $1.67 billion in its initial public offering a year ago today.

Google is apparently planning a geometric expansion of its circle of influence and business reach - the intent, surely, is to encircle the entire globe - by using the first eight digits after the decimal point in pi (3.14159265…), the ratio of the circumference of a circle to its diameter, as the number of shares it will offer. Google already had $3 billion in cash as of the end of June.

The move immediately touched off expanding ripples of speculation.

Google's filing with the Securities and Exchange Commission stated merely that it "may use proceeds of this offering for acquisitions of complementary businesses, technologies or other assets."

Some analysts said Google might attempt to match Yahoo's $1 billion investment in Chinese e-commerce site Alibaba. (Google's playful number manipulation would certainly be in line with China's obsession with lucky numbers). Others said it could step into telecommunications with a deal for a company like Skype, a provider of internet-based phone service.

Many analysts also considered the stock offering a bulking up of a war chest to take on competitors Microsoft and Yahoo, which are involved in a broader range of businesses and investments. Microsoft has $37.7 billion in cash, and Yahoo $3.4 billion. With perhaps $7 billion in cash, Google could also consider acquisition of a media or digital content company, analysts said.

Paidcontent offers a roundup of industry speculation.