* Shares almost double in debut
* Company valued at more than $2.2 bln
* Stock most traded on the NYSE
(Adds details, updates shares)
March 7 Shares of digital coupon company
Coupons.com Inc nearly doubled in their trading debut,
valuing the company at over $2.2 billion and underscoring the
popularity of technology IPOs.
The 16-year-old company raised $168 million from its initial
public offering after receiving strong investor interest for its
extensive digital promotion platform.
Coupons.com is the third technology company to go public
this year, after the successful debuts of Care.com Inc
and Varonis Inc.
Shares of RetailMeNot Inc, a Texas-based online
coupon company, have more than doubled in value since their
debut in July.
Coupons.com priced 10.5 million shares at $16 each on
Thursday, above the company's planned $12-$14 price range.
The shares were up 78 percent at $28.50 on the New York
Stock Exchange on Friday. They rose to a high of $31.18 in
early trade. About 2.5 million shares changed hands by 1052 ET,
making them the highest traded on the exchange.
Founded in 1998 by Chief Executive Steven Boal,
Coupons.com's network connects brands and retailers with
consumers who are increasingly using digital coupons over
traditional newspaper clippings.
Nearly 100 million people in the United States used digital
coupons in 2013, according to estimates from eMarketer cited in
the company's IPO filing.
Coupons.com's revenue jumped almost 50 percent to about $168
million in 2013, driven by over 1.3 billion transactions in
which consumers selected a digital coupon or redeemed a coupon
code offered on its platform.
The Mountain View, California-based company also earns
revenue from advertising placements, which it sells to customers
as part of insertion orders for coupons.
Customers include leading retailers and over 700 consumer
goods companies such as Supervalu Inc, Procter & Gamble
Co, Walgreen Co and Dr Pepper Snapple Group Inc
Founded at the peak of the dotcom boom, Coupons.com
initially struggled, spending three years to develop a viable
technology and then some more to convince manufacturers to shift
their promotion budgets to digital tools.
Coupons.com is majority owned by John Burbank's Passport
Ventures, which will own close to 20 percent of the company
following the offering. Other significant shareholders include
asset manager T. Rowe Price Group Inc and CEO Boal,
each with a 10 percent stake.
Consumers made an average of 17 million monthly unique
visits to the company's flagship site, www.coupons.com, in 2013,
according the IPO filing.
(Reporting by Aman Shah and Anil D'Silva in Bangalore in
Bangalore; Editing by Sriraj Kalluvila)