December 2, 2011 / 3:36 PM / 7 years ago

Groupon shares climb above $20 IPO price

Employees and guests of Groupon ring the opening bell in celebration of the company's IPO at the Nasdaq Market in New York November 4, 2011. REUTERS/Brendan McDermid

(Reuters) - Groupon Inc shares rose above their $20 initial public offering price on Friday.

Groupon stock slumped below $20 last month on concern about competition from rival LivingSocial and how the European debt crisis might affect overseas growth.

However, Groupon released strong early holiday sales numbers this week and executives said international growth remains strong.

Groupon shares rose more than 7 percent to an intraday high of $20.82 on Friday. The stock was up 5.5 percent to $20 in late-morning trading.

Reporting by Alistair Barr. Editing by Robert MacMillan

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