Shares of daily “deals” site Groupon (GRPN) are up a whopping $8.14, or 41%, at $28.14 in the first fifteen minutes of trading on Nasdaq, after the stock last night priced above its expected $16 to $18 range this morning at $20.
Update: The stock has backed off a little bit from the earlier climb, now up $7.36, or 36.8%, at $27.36. With 632.8 million shares of stock to be issued and outstanding as a result of the offering, the company’s market cap is $17.3 billion today. Amazingly, that is not far from the market capitalization of Yahoo! (YHOO), currently $19.25 billion, and the stock did briefly surpass that at today’s high of $31.14.
No comments:
Post a Comment