Coupons.com sizzles on Wall Street debut
The stock market debut of Coupons.com brought out bargain-seekers on Friday, shooting the online discount firm up a stunning 87 percent.
The digital coupon firm, which raised $168 million in its public offering, had doubled at one point in trading but still ended with a remarkable opening-day gain, closing at $30 after its offering price of $16 a share.
The gains on the New York Stock Exchange debut give the California group a market value of $2 billion.
Coupons.com was founded in 1998 as a way to help shoppers find online deals with discount codes which are typed in as consumers complete a transaction.
The company says it had 1.3 billion transactions last year and revenues of $168 million. But its net loss for the year was $11 million.
© 2014 AFP