Chicago – In a win for local investors such as Chevy Chase, Md.-based New Enterprise Associates (NEA) and Wizards and Capitals owner Ted Leonsis, Chicago-based daily deals company Groupon late Thursday raised $700 million in its initial public offering (IPO), after increasing both the number of shares and price.
Shares, which began trading Friday under the symbol GRPN on the Nasdaq Global Select Market, spiked more than 40 percent by midday.
The company, the chief rival of DC-based LivingSocial, sold 35 million shares – up from an original estimate of 30 million – for $20 each – over its expected price range of $16-$18. The deal valued the company at roughly $12.8 billion.
This article was also published in Potomac Tech Wire.
Related links:
SEC S1 filing – http://tinyurl.com/6knz4f9
Press release – http://tinyurl.com/3sracon
Photo by Flickr user Groupon, used under Creative Commons license
