AfterDawn: Tech news

Groupon files for large IPO

Written by Andre Yoskowitz @ 02 Jun 2011 8:53

Groupon files for large IPO

Groupon has filed for an IPO today, looking to raise $750 million in its first sale.
Trading under the ticker "GRPN," the gigantic daily deal site will likely go public within weeks.

The company has raised $1 billion from private investors after being founded in 2008 and has seen explosive growth since then.

CEO Andrew Mason did note, however, that the company has seen massive losses in the last two years and the losses will continue into the foreseeable future as they "continue to invest in growth."

In 2010, Groupon had revenue of $713 million and recorded a net loss of $456 million. For the first quarter of 2011, revenue exploded to $644.7 million, but losses remained, with a net loss of $147 million for the quarter.

Adds the CEO:

We anticipate that our operating expenses will increase substantially in the foreseeable future as we continue to invest to increase our subscriber base, increase the number and variety of deals we offer each day, expand our marketing channels, expand our operations, hire additional employees and develop our technology platform.

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