RetaiMeNot Climbs About 32% On its First Trading Day (SALE)
Shares of RetailMeNot Inc (NASDAQ: SALE) rallied almost 32% on its first trading day.
RetailMeNot, which is the world’s largest digital coupon provider, went public on Friday after raising around $190 million by Thursday evening, selling more than 9 million shares through IPO.
The Austin based Company, priced its stock at $21, opened at $26.50 on Friday morning. That implies a 26% premium over IPO price. The stock ended at $31.90 on Friday.
About The Company
RetailMeNot is an online marketplace, offering deals and coupons. The Company offers range of coupons, deals, vouchers from stores, merchants and retailers. The online marketplace also publishes shopper trends.
In 2012, the deals and coupons provider offered more than 60,000 coupons from retailers and several brands. The Company’s profit rose 53% to $26 million while its revenue leaped 80% to $144.7 million, last year.
The Company intends to use this proceeds (money collected from IPO) in the form of working capital, for paying accumulated dividends on preferred stock along with some other corporate purposes.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht. |
