Muckety

Groupon goes public

By Laurie Bennett

November 4, 2011 at 11:14am

The long-awaited day finally arrived.

Groupon went public Friday, opening on Nasdaq at $28 a share. The company raised its share price on Thursday to $20.

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As the Wall Street Journal notes, the months following the IPO announcement have had their challenges.

Critics questioned the company’s business model, its accounting practices, the amount of money founders have already pocketed, and a dual-class share structure that gives insiders more voting power.

Yet the IPO is expected to be one of the most boisterous openings in months.

Groupon is selling 35 million shares, about 5 percent of the company.

Last year it rejected a $6 billion bid from Google, laying the foundation for today’s IPO and creating a new, daunting competitor. Google Offers is now operating in 36 U.S. cities.

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