Daily-deals provider Groupon could raise as much as $540 million when it goes public, the company revealed today in a filing with the Securities and Exchange Commission.
According to the filing, Groupon plans to offer 30 million shares of Class A common stock for between $16 and $18 apiece. If it goes public at $18, it could raise the $540 million. Also, if the company sells through its 30 million shares, it can opt to sell another 4.5 million shares to increase the amount it raises to a maximum of $621 million.
Groupon’s new filing stands in stark contrast to what the company hoped to raise when it filed its SEC papers in June. At that time, the daily-deals provider planned to raise $750 million based on a valuation of between $20 billion and $25 billion. Some estimates even put the valuation up to $30 billion.
However, that valuation, and what Groupon hoped to raise, stemmed from financial data that the SEC said was inaccurate. Groupon was initially showing as revenue all the cash it collected from customers before it gave part of it back to merchants. The SEC forced the daily-deals provider to restate its earnings based solely on what it collects itself.
And in general, the market has turned sour for IPOs over the last several months, causing a number of companies to reconsider their plans. Groupon, which was expected to go public in September, delayed its IPO in part because of the economy and turmoil on Wall Street.
Now, though, it appears Groupon is ready to move on. According to Bloomberg, citing sources, the daily-deals provider will be meeting with investors early next week to “gauge demand for the IPO.” That report follows earlier claims that Groupon will hold its IPO roadshow next week.