Google Inc. said on Monday its highly anticipated initial public offer could value the company at more than $36 billion, prompting some investors to question whether growth prospects for the world's top Web search provider justified that rich valuation.

In a filing with the Securities and Exchange Commission, Google estimated it would sell its shares for between $108 and $135 through an online auction expected next month.

That price range would mean that the IPO could raise as much as $3.3 billion. It would also value the Mountain View, California-based company more richly than its closest rival, Yahoo Inc. and mark its emergence as a public company larger than old-economy stalwarts like Ford Motor Co. and McDonald's Corp.

About 24.6 million shares would be sold in the IPO. Google plans to sell 14.1 million shares, while another 10.5 million would be sold by shareholders.

The company plans to use net proceeds from the sale of its 14.1 million shares, estimated to be $1.66 billion, for general corporate purposes. It will not receive any proceeds from the 10.5 million shares being sold by shareholders.

Google also filed second-quarter results on Monday. Earnings rose to $79 million ($.29/sh) from $64 million ($.24/sh) in the first quarter on revenue that jumped 7.5 percent to $700 million ($2.61/sh) from $652 million ($2.43/sh).

At $135 per share, Google would have a valuation, on a ratio of its price to 2003 earnings, of 329, more than twice that of its closest competitor, Yahoo Inc. The S&P 500 had a 2003 price-to-earnings ratio, in comparison, of more than 20.