After conducting a successful initial public offering on Thursday night, daily deals website Groupon saw a positive first day of trading on Friday, according to The Associated Press.
The company took in roughly $700 million in its IPO by pricing itself at $20 per share, with a market capitalization of around $12.7 billion, but by the time the stock hit the open market on Friday morning it was already valued at $27.82 per share, an increase of nearly 40 percent.
Over the course of its first day of trading, Groupon reached as high as $31.14 per share, up nearly 56 percent, but eventually closed at $26.11 per share, a roughly 30 percent increase over the IPO price.
The rise was notable in part because of the lingering concerns surrounding the company, but also because the market as a whole saw a decline on continued concerns about the Greek debt crisis.
The Wall Street Journal notes that the Groupon IPO was seen as a particularly important measuring stick for the IPO market, given the recent reticence of many investors. However, the news source also notes that the remaining slate of IPOs for the year are unlikely to attract the same amount of attention, with few big names planned before 2012 begins.