Groupon shares jump 30% on debut

Groupon staff in front of logo
Image caption Groupon offers discounts on things such as meals in restaurants and spa treatments

Shares in daily deals site Groupon have jumped more than 30% on the company's first day of trading in New York.

Groupon's shares were listed on the Nasdaq at $20 a share but closed at $26.11, having earlier risen to $29.95.

On Thursday, the company said it had sold 35 million shares for $20 each, raising $700m (£437m).

This valued the firm at $12.7bn, making it the second biggest internet company to make a market debut, behind Google, which was valued at $23.1bn in 2004.

Groupon had originally filed with the US Securities and Exchange Commission to sell 30 million shares for $16 to $18 each, but high demand led it to raise the price and number of shares for sale.

But the 35 million shares sold still represents only about 5% of the company.

Groupon offers coupons to its subscribers, which give them discount deals that are available that day only on anything from restaurant meals to spa treatments.

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