NEW YORK (CNN/Money) - Morningstar, Inc. began the auction of the 7,612,500 shares Monday in advance of an initial public offering of its common stock.

The public offering price is expected to fetch between $16 and $19 per share, the company said. Morningstar expects to price the offering the week of May 2.

The Chicago-based company will conduct the offering in the format of an online auction in a bid to make its shares more widely available.

Under the unusual "Dutch auction" method, which was also used in Google's (Research) initial public offering last August, investors bid the amount they are willing to pay for shares.

WR Hambrecht + Co. was named as the lead underwriter for the deal.

Once the investment research provider begins trading, it will be under the ticker symbol MORN on the Nasdaq.

Morningstar offers Internet, software and print-based products for individual investors, financial advisors and institutional clients.

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