Jan 31 (Reuters) – Online coupon company Coupons.com Inc filed with U.S. regulators to raise up to $100 million in an initial public offering of its common stock.
The company provides digital coupons and makes money when a customer downloads a coupon for redemption at a grocer or a retailer.
Coupons.com is backed by asset manager T. Rowe Price Group Inc and investment firm Passport Ventures LLC. T. Rowe Price holds about 12 percent stake, while Passport Ventures owns about 23 percent.
Goldman Sachs, Allen & Co, BofA Merrill Lynch and RBC Capital were underwriting the IPO, the company told the U.S Securities and Exchange Commission in a preliminary prospectus on Friday.
Coupons.com, founded in 1998, intends to list its common stock on the New York Stock Exchange under the symbol “COUP”.
The filing did not reveal how many shares the company planned to sell or their expected price.
Shares of RetailMeNot Inc, which also sells online coupons, have risen about 70 percent since their debut in July.
The consumer e-commerce market is projected to more than double to 1.9 billion users between 2012 and 2017, according to market research firm IDC.
Net proceeds from the offering would be used for working capital and general corporate purposes, Mountain View, California-based Coupons.com said in the filing.
The company’s net loss narrowed to $12.8 million for the nine months ended Sept. 30, from $50.1 million a year earlier. Revenue rose about 66 percent to $77.4 million.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Avik Das in Bangalore)
Photo courtesy of Shutterstock
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