Groupon Raises $700 Million

Groupon raised $700 million in its initial public offering Friday, selling 35 million shares at $20 each—above the initial range of $16 to $18 per share. That makes it the largest IPO for an Internet company since Google went public in 2004, raising $1.7 billion. Investors drove up the price in part by putting just a tiny share, or “float,” of the company on the market—just above 5 percent. Groupon will begin trading on NASDAQ Friday under the ticker symbol GRPN.