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Groupon to issue shares
By Jim Finkle |
December 30, 2010, Thursday
|
Print Edition
Print Edition
GROUPON Inc, the fast-growing online coupon seller, has been authorized to raise up to US$950 million in what would be the biggest round of equity financing by any company in the United States since Pixar in 1995.
The company said in a filing with the state of Delaware that it intended to sell shares at US$31.59 each.
That price would value Groupon at between US$6.4 billion and US$7.8 billion, depending on the number of shares issued, according to VC Experts, a research firm that specializes in providing data on private companies.
Groupon, with annual revenue said to range from US$500 million to US$2 billion, sends members daily e-mails with steeply discounted deals from local merchants. The deals are activated when a certain number of people agree to make a purchase.
Officials with Groupon, which serves US and Canadian markets from New York to Sacramento, could not be reached for comment. Groupon said in the filing that the shares shall automatically be converted into common stock if the company goes public.
The document, an amended and restated certificate of incorporation, was filed on December 17.
Described by some as the fastest-growing Internet startup in history, Groupon's backers include Digital Sky Technologies, which also is an investor in Facebook.
The move for new funding comes a month after reports that Groupon was in talks to sell itself to Google Inc for up to US$6 billion.
Justin Byers of VC Experts said the US$950 million authorization was the biggest his firm had seen in at least 20 years. The recent record had been Pixar's 1995 authorization at US$500 million.
The company said in a filing with the state of Delaware that it intended to sell shares at US$31.59 each.
That price would value Groupon at between US$6.4 billion and US$7.8 billion, depending on the number of shares issued, according to VC Experts, a research firm that specializes in providing data on private companies.
Groupon, with annual revenue said to range from US$500 million to US$2 billion, sends members daily e-mails with steeply discounted deals from local merchants. The deals are activated when a certain number of people agree to make a purchase.
Officials with Groupon, which serves US and Canadian markets from New York to Sacramento, could not be reached for comment. Groupon said in the filing that the shares shall automatically be converted into common stock if the company goes public.
The document, an amended and restated certificate of incorporation, was filed on December 17.
Described by some as the fastest-growing Internet startup in history, Groupon's backers include Digital Sky Technologies, which also is an investor in Facebook.
The move for new funding comes a month after reports that Groupon was in talks to sell itself to Google Inc for up to US$6 billion.
Justin Byers of VC Experts said the US$950 million authorization was the biggest his firm had seen in at least 20 years. The recent record had been Pixar's 1995 authorization at US$500 million.
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