Groupon Files for IPO

Groupon Inc. is filing for its IPO, hoping to raise up to $750 million. Morgan Stanley, Goldman Sachs Group Inc., and Credit Suisse are the lead underwriters for the IPO of the company. Groupon earned $644.7 million in revenue for the first quarter of 2011, which can be favorably compared to 2010’s full-year revenue of $713.3 million. However, it also lost $146.5 million in the first quarter. Founded in 2008, the company has grown 20,000 percent since June 2009. It had sold 28.1 million “Groupons” by the end of March 2011. Last year, the company refused a $6 billion offer from Google Inc. and decided to pursue a public offering instead.