Groupon, the internet company that sells group discounts, now has the highest initial public offering or IPO for a US internet company since Google went public in 2004.
Groupon Inc raised $700 million Friday and is now valued at almost $13 billion, Reuters reported. Its shares are now priced at $20 each, which is above the initial $16 to $18 range.
It stated that this is the highest tech valuation since Google raised $1.7 billion in 2004.
USA Today reported that Groupon's stock soared more than 50 percent Friday.
"Though it spawned many copycats after its 2008 launch, Groupon has the advantage of being first. This has meant brand recognition and investor demand, as evidenced by its sizzling public stock debut," it stated.
Groupon issued about 35 million shares Friday, and the site will now trade on Nasdaq under the symbol "GRPN," the Los Angeles Times reported.
The Chicago Tribune editorial board noted that Groupon's success reflects well on the city.
"Chicago's newest publicly held company is its most exciting commercial proposition since financial futures and Motorola cell phones," the editorial stated.
"Can it really be that Groupon expanded from 37 employees in late 2009 to more than 10,000 today? It's an amazing business story."