Google Inc. continued its unorthodox initial public offering yesterday by meeting face to face with large, institutional investors while preparing to unveil a novel virtual roadshow for individual investors.

Buried in its Monday filing with the Securities and Exchange Commission are many slides with narration that Google plans to post on a new Web site, Google is creating an online presentation, rather than relying solely on a written prospectus, to reach out to the millions of people who use the search engine to navigate the Internet, according to people familiar with the strategy. It may even link to the roadshow site from its site.

The slides, in effect, represent Google's best effort, within the constraints of federal securities laws, to explain why the company considers itself an excellent potential investment. But for all the discussion about a bright future, there are also ample warnings about the risks involved in buying shares of the search engine giant.

"An investment in Google involves significant risk," the first slide says. "We're not just saying that. There are many risk factors listed in the prospectus. You should review them carefully before going any further."

Few computer users are likely to immediately log off of the Internet to slog through a thick prospectus describing the stock offering. Instead, they probably will click ahead to view the slides, which begin with legal disclaimers and a defense of the company's decision to have two classes of stock with unequal voting rights and contain a description of why the business is important in the view of its founders, Larry Page and Sergey Brin.

"We can make a lot of progress on using technology and things that will really matter to people," Page writes. "You'll have an easier time finding the information you're interested in. There might be important medical or financial decisions or other things that you do."

Adds Brin, "We want to make sure that the problems we focus on and the products we develop or products that we try to develop will always have a large effect on a large number of people and will ultimately leave a lasting legacy."

After explaining how Google connects computer users, advertisers and Web sites, the presentation notes that Internet advertising is growing faster than magazine or newspaper advertising, which is shrinking, or radio and television advertising, which is expanding slowly. What the slide does not say, however, is that Internet advertising, in total dollars, is the smallest category mentioned.

"The Internet is the fastest growing medium for advertisers," the slide says. This is vital, Google explains, because the company relies on Internet ads for virtually all of its sales and profit.

According to some financial analysts, Google's initial public offering appears to be fraught with peril for individual investors. The lofty proposed stock price -- in the range of $108 to $135 per share -- could make the investment seem unattractive compared with typical IPOs, which generally are priced between $10 and $20 per share. "High prices may spook retail investors," said Mark Mahaney, an analyst with American Technology Research.

At more than 150 times Google's annual per-share profit, the proposed price range also appears expensive compared with the 20 times earnings per share that large companies historically have averaged. To make matters worse, analysts said, Google's growth rate is slowing, even as the prospect of heightened competition from Microsoft Corp. is heating up.

In addition, unlike typical IPOs, which are discounted to provide an upward bounce on the first day of trading, Google is selling shares using an auction method designed to achieve the highest possible price before trading begins. "You have a winner's curse," Mahaney said, referring to the investors who bid high enough to snare shares before trading starts.

Google, which has a brand so strong that its name has become a verb, features a slide in its virtual roadshow called "Sustaining the Success," with graphics making different points about how and why the company will continue to thrive. Within that graphic, the "Google" brand name is displayed at least 13 times.

The company, which has received numerous accolades for effectively promoting its brand, then shifts to explaining the financial merits of the stock offering by noting that its revenue growth has been strong globally.

"Google has grown its revenue rapidly since 2001," the slide says. "Our international revenues have increased from 18 percent of revenue in 2001 to 31 percent of revenue through the first half of 2004. So that is where the money comes from."

A bar graph shows steady increases in profit through the first half of 2004, when the company posted $143 million in earnings. The company then explains the auction method it plans to use in the offering, which may occur next month. To participate in the bidding, investors will be invited to register at the virtual roadshow Web site and open an account at one of the investment firms involved in the deal.

The final, playful slide is an attempt to convey the intellectual horsepower of the company's PhD-laden workforce. It uses the first "o" in Google as part of a caricature of Albert Einstein and includes a graphic referring to his groundbreaking theory of relativity, which says, "Google=mc{+2}."

"Our fundamental goal," the slide says, "is to connect people to relevant information and conversely to connect that relevant information to the people who need it. We believe that helping businesses grow through these connections, and making this all work seamlessly, will make the world very much a better place."

To encourage broad participation by individual investors, Google is requiring brokerage houses to allow people to buy as few as five shares in the auction. Normally, investment firms do not allow investors to buy fewer than 100 shares in an IPO because it is unprofitable for them to handle the necessary paperwork on what are known as small "odd-lot" orders, which are those below 100 shares.

The search engine will post a virtual roadshow aimed to attract individual investors.