Coupons.com has filed with the US Securities and Exchange Commission for an initial public offering of its common stock in order to raise as much as $100 million, Reuters reported. Coupons.com is an online coupon company that gives digital coupons which customers can download. It makes money when users redeem the coupon downloaded at a grocery store or retailer, the report said.
The company has the financial backing of asset manager T. Rowe Price Group Inc and investment firm Passport Ventures Llc. Around 12% of the firm is held by T. Rowe Price while Passport Ventures has a much bigger stake at 23%, the report said.
In a preliminary prospectus filed with the US regulator on Friday, January 31, the company said the underwriters for the IPO were Goldman Sachs, Allen & Co, BofA Merrill Lynch and RBC Capital.
Coupons.com plans to list on the New York Stock Exchange with the ticker "COUP." The company, which was launched in 1998 and based in Mountain View, California, did not state the number of shares it intended to offer or the price range of the shares. Based on the filing, the company said that proceeds from the IPO will be deployed for working capital and general business purposes, Reuters reported.
RetailMeNot Inc, another online coupon firm, saw its shares rise 70% since holding their public debut in July last year. Market research company IDC has projected that from 2012 to 2017, users of the consumer e-commerce market will rise to 1.9 billion, the report said.
For the nine months ending September 30, Coupons.com was able to bring down its net loss from $50.1 million the year before to $12.8 million. It also posted a 51% revenue rise to $115.3 million, the report said.
The IPO amount reflected in a company's first IPO filing is only used for the computation of registration fees. The final IPO size may not be the same, the report said.
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