Groupon Inc. jumped as much as 56 percent in its trading debut after the online-coupon company raised $700 million in an initial public offering that limited the amount of shares typically available to investors, Bloomberg reports.
The shares of the Chicago-based company, listed under the symbol GRPN, climbed $7.22, or 36 percent, to $27.22 at 12:07 p.m. New York time in Nasdaq Stock Market trading, after surging to $31.14. Yesterday, Groupon sold 35 million shares at $20 each, the biggest IPO by a U.S. Internet company since Google Inc. (GOOG) raised $1.9 billion in its 2004 initial offering.
Groupon’s IPO attracted interest even as internal missteps, unprofitability and an expensive valuation compared with its peers made some investors skeptical. Groupon is now more expensive than Microsoft Corp. or Amazon.com Inc. (AMZN), based on projected 2012 sales...
Read more at http://www.bloomberg.com/news/2011-11-03/groupon-said-to-raise-700-million-after-pricing-its-ipo-above-price-range.html
No comments:
Post a Comment