Groupon Opens Up 40% |
| Wall Street Journal - Nov 4, 2011 |
Daily deals site Groupon Inc. opened at $28 a share on the Nasdaq, up 40% from its initial public offering price of $20.
Shares were recently changing hands at $27.96 a share, up 39.8%.
"This is good. This IPO sends a clear signal to the people at Zynga and Facebook. The signal is that it's time to move forward," said Ben Holmes, president of IPO research firm Morningnotes.com.
Online games developer Zynga Inc., which registered to go public in July, is expected to price in the weeks ahead. Social media giant Facebook Inc. hasn't yet filed for an IPO, but is widely expected to go public in 2012.
Though the company's IPO-price valuation of roughly $12.7 billion is below the $15 billion to $20 billion that it originally projected, the deal is still considered a success for Groupon and its bankers. They were able to bring to market an unprofitable company that was dogged by criticism and negative press during the months leading up to it launch, and they did it during a time of high broader market volatility, which makes accurate pricing difficult.
Read Full Article from Wall Street Journal
- Posted: 2011-11-04 12:15:52
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