Groupon Files for $750 Million IPO
Groupon Files for $750 Million IPO
Chicago-based Groupon, the unquestioned leader in the emerging daily deals business, filed on Thursday to go public, seeking to raise as much as $750 million in an upcoming initial public offering. The filing provided analysts with a much-anticipated look at the books of one of the hottest startups to come around in the last decade.
Founded in 2008, Groupon had $30 million in revenue in 2009 before expanding to revenue of $713 million in 2010. Those figures reflect the value of the coupons sold on the website, a portion of which the company gives back to the participating merchants. The company's gross profit, the money left over after paying merchants, last year was $280 million, and it is on track to dwarf that figure in 2011. Thursday's filing with the Securities and Exchange Commission showed that Groupon's revenue totaled $645 million in the first quarter, with gross profits of $270 million.
The company is not actually making money yet, however, as it reported a net loss of $413 million last year and $114 million in the first three months of 2011. Groupon announced that it will trade under the symbol “GRPN,” though it is unknown which exchange its shares will be traded on. Morgan Stanley, Goldman Sachs, and Credit Suisse will serve as the lead underwriters for the IPO.
Chicago-based Groupon, the unquestioned leader in the emerging daily deals business, filed on Thursday to go public, seeking to raise as much as $750 million in an upcoming initial public offering. The filing provided analysts with a much-anticipated look at the books of one of the hottest startups to come around in the last decade.
Founded in 2008, Groupon had $30 million in revenue in 2009 before expanding to revenue of $713 million in 2010. Those figures reflect the value of the coupons sold on the website, a portion of which the company gives back to the participating merchants. The company's gross profit, the money left over after paying merchants, last year was $280 million, and it is on track to dwarf that figure in 2011. Thursday's filing with the Securities and Exchange Commission showed that Groupon's revenue totaled $645 million in the first quarter, with gross profits of $270 million.
The company is not actually making money yet, however, as it reported a net loss of $413 million last year and $114 million in the first three months of 2011. Groupon announced that it will trade under the symbol “GRPN,” though it is unknown which exchange its shares will be traded on. Morgan Stanley, Goldman Sachs, and Credit Suisse will serve as the lead underwriters for the IPO.
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