Groupon Shares Rise
It has been reported that the price of shares in the daily deals site Groupon have risen by more than 30% when the company launched its first day of trading in New York.
Groupon’s shares were listed on the Nasdaq at $20 at the start of trading but at the end of the day the shares closed at $26.11. They had peaked earlier on in the day at $29.95.
According to figures from Groupon the company sold 35 million at $20 each meaning that the company was able to raise $700 million. The extra cash that was generated raised the company’s worth to $12.7 billion which makes it the second biggest internet company behind Google.
The 35 million shares only represent 5% of the company.
Groupon is a daily deals site that allows its customers to subscribe in order to get the best deals that are available from companies who sign up to the website allows in order to riase business by way of advertising and a way of generating new custom.