Groupon (GPRN) Gets More Realistic On IPO Valuation

October 21, 2011 6:59 AM EDT
Groupon (Nasdaq: GRPN) updated its IPO with the SEC Friday morning and is ratcheting down valuation expectations.

The daily deal site said it plans to sell 30 million shares at a prices of $16-$18. The company will list shares on the Nasdaq under the symbol "GRPN" and Goldman Sachs, Morgan Stanley and Credit Suisse will be leading the deal.

With 632,803,328 shares to be outstanding after this offering, this places the total valuation of the company at $10.1-$11.4 billion at this price range.

Despite critics suggesting a slowdown, Groupon said it increased revenue to $430.2 million in the third quarter of 2011 with gross billings of $1.157 billion.

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