Groupon is enjoying the largest IPO by an Internet company since Google.
According to an insightful new report from Bloomberg Friday morning, Groupon is entering Wall Street with financial guns a’ blazing.
Groupon has raised $700 million in its initial public offering, according to an unnamed source close with Groupon who spoke with Bloomberg. If accurate, that figure would represent a 30 percent larger chunk of funding than that which Groupon sought.
With that much cash behind the venture, the biggest online-coupon provider has topped earlier valuation projections and now sits at $12.7 billion.
The Chicago-based provider of online daily deals sold 35 million shares at $20 each, said the person, who declined to be identified because the information isn’t public. Groupon had offered 30 million shares for $16 to $18 apiece.
The shares trade on the Nasdaq Stock Market under the symbol GRPN.
For now, Groupon is offering only a small percentage of its stock to the public (4.7 percent in total).