Report: Groupon prices IPO at $20 per share
By Hayley Tsukayama,
Groupon has priced its initial public offering at $20 per share, the Associated Press reported late Thursday. The daily deals company’s stock is expected to begin trading publicly Friday under the symbol “GRPN.”
Reports earlier in the day by All Things Digital and The Wall Street Journal also said that the company planned to price its IPO Thursday and go public Friday. Groupon’s IPO has been expected any day now for months.
Groupon has faced some speedbumps on its road to going public after its accounting practices prompted questions from the Securities and Exchange Committee, and it said in its latest paperwork that it was scaling back its IPO estimates. Some technology analysts have raised questions about the viability of its business model, particularly as it faces increasing competition from other deal sites. For example, Thursday morning Google rolled out its first national deal through Google Offers, which had sold over 19,000 coupons to outdoor retailer REI by late afternoon.
In its latest filings, Groupon indicated that it expects to raise up to$540 million when it goes public, Reuters reported. The rush for tech IPOs has cooled considerably in the face of market downturns since the surprising success of LinkedIn’s IPO in May.