Following in Google's footsteps, NetSuite on Monday began auctioning off common shares to set its initial public offering price, which company officials expect to fetch between $13 to $16 per share.

The San Mateo, Calif.-based hosted business software firm plans to sell 6.2 million shares ahead of trading on the New York Stock Exchange under the symbol "N."

NetSuite, which is majority owned by Oracle CEO Larry Ellison and ranked No. 410 on this year's Inc.5,000 list of the nation's fastest-growing private companies, posted a net loss of $35.7 million in 2006.

The company has set up an IPO auction Web site at www.netsuiteipo.com.

In 2004, Google went public by auctioning shares online, pricing them at $100.01.