After much angst and anticipation, Groupon finally successfully conducted its initial public offering on Thursday night, bringing in roughly $700 million, according to The Associated Press.
The gains proved more substantial than expected until recently this week, as the company’s many missteps had forced it to reduce its initial offering price.
Initially that was expected somewhere between $16 and $18, but with intense demand in the week leading up to the IPO, Groupon took a chance on raising that price to $20 per share Thursday night. The new price values the company at roughly $12.7 billion, up somewhat from recent estimates, but still nearly half of the $25 billion initial valuation.
Despite the lost value over recent months. Groupon raised more than $200 million more than it expected, according to its initial filing with the U.S. Securities and Exchange Commission.
The New York Times reports that part of the success of the IPO comes from the reformed approach Groupon leadership, and notably the company’s young chief executive officer, Andrew Mason, took with investors, stressing the company’s fundamentals on more traditional metrics than those they introduced with their first SEC filing.
Groupon is set to begin trading on Nasdaq on Friday.