“They wanted to have a decent pop on the stock so they didn’t take that much public,” said David Berman, a consumer technology and retail specialist at hedge fund firm Durban Capital. There remains a huge backlog of companies that filed to go public earlier this year, then put their plans on hold. Internet company since Google’s in 2004, is the first major IPO since the market descended into a slump in August. Groupon’s offering, the largest by a U.S. Still, a strong first few trading days could help other private Web companies - such as Angie’s List, social gaming firm Zynga and even Facebook - pursue their own IPOs. It has won plaudits for its phenomenal growth, but its ability to sustain that expansion in the face of intense competition from the likes of Google Inc has been questioned.
Groupon sells Internet coupons for everything from spa treatments to nose jobs and is one of this year’s most closely watched IPOs. Real estate website Zillow also nearly doubled in its debut in July. Groupon’s stock closed up 31 percent but the first day pop paled in comparison to LinkedIn, the professional social network that went public in May, whose shares doubled in their debut.
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