Groupon’s going public, but may be heralding its offering with kazoos instead of a brass band.
The Chicago-based company whose deal-of-the-day model offers consumers discounted gift certificates usable at local and national companies announced it will launch its IPO on Nov. 4, valuing the company at about $10 billion. That’s far cry from earlier speculation that placed Groupon’s valuation at $20 to$25 billion.
The deflated value may be the result of a flagging IPO market and backlash from participating businesses and consumers alike, raising doubts about how the 3-year-old online company does business.
Whatever its future prospects, Groupon is certainly an example of how fast an Internet darling can fall.