The group buying site Groupon Inc raised $700 million after increasing the size of its IPO.
The daily deals site company is now valued at $ 12.65 billion after increasing the offering to 35 million shares from 5 million shares and increasing the price of the share to $ 20 each from initial price range of $16 to $18.
This is the second largest IPO by an Internet company after Google raised $ 1.7 billion in 2004.
Groupon is a three year old company which sells discount coupons on services like spa treatments, gym, nose jobs, etc.
LinkedIn went public in May this year with a market value of $4.3 billion & was worth $8.4 billion at the end of trading Thursday.
Groupon Inc is expected to make its trading debut on the Nasdaq Stock Market under the symbol “GRPN” on Friday. Let’s see how market will react to Groupon shares.
“This is not Facebook where they can do no wrong,” said longtime IPO analyst Scott Sweet, the owner of IPO Boutique. He called Groupon IPO an “accident waiting to happen.”