Groupon to Cut IPO Size

(Reuters) – Daily deals site Groupon is set to raise less than the amount it initially filed for in its IPO paperwork, two sources familiar with the situation said on Wednesday.

Groupon in June filed to raise up to $750 million in its IPO. One source familiar with the situation said it is now planning to raise less than that amount, but not significantly less. A second source familiar with the situation said it is now planning to raise about $500 million.

The information is not public and the sources declined to be named. Groupon was not immediately available for comment.

Groupon is expected to launch its IPO roadshow early next week, sources told Reuters on Tuesday. The IPO is expected to value the Chicago-based company at over $10 billion, likely in the range of $11 billion to $12 billion, the sources said.

(Reporting by Clare Baldwin, editing by Bernard Orr)