Groupon, the daily deal-based company has floated itself on the stock market - managing to garner an impressive price per share of $20, exceeding analysts' expectation that it would peak around the $16-$18 mark.
Initially, Groupon only planned make available 30 million shares. This was later increased to 35 million, but still only represents a five per cent increase in stocks.
According to a BBC report, Groupon raised an impressive £437 million through the share issue - though even this seems dwarfed next to the company's new total valuation, which some put as high as $13 billion, albeit down from a seemingly unrealistic peak last year of between $15 and $25 billion. This year's hints at a double dip recession and some global instability have been blamed for the downturn in value.
The economy hasn't been the only setback to Groupon's year, though. The company recently received public criticism and was forced to ditch a poor accounting metric that made it appear to be doing better than it actually was. Then there was the leaking of 300,000 customer emails and other details earlier this year - hardly a PR boost for the firm. Groupon later claimed this was the result of a hack, but many suspect the real cause to have been a blunder at Groupon's end rather than something malicious.
Groupon is a coupon website that works on a group basis. You can sign up for certain deals, but an offer only becomes available to everyone if a certain number of people reach the pre-determined threshold.