Daily deals giant Groupon is on track to set its IPO pricing tomorrow and release shares to the public on Friday, according to news reports and analysts.
Groupon has filed with regulators to sell 30 million shares at $16 to $18 per share. The Chicago-based company is seeking to raise $540 million and a valuation of $11.4 billion. It's still unclear whether Groupon's underwriters will raise its offering price, AllThingsD is reporting.
Groupon declined CNET's request for comment on the IPO timing.
Earlier this year Groupon was valued at $20 billion and on track to move forward with a $750 million IPO, but that was lowered to $540 million after it was revealed in June S-1 filings that it had almost $400 million in net losses, which triggered an intense backlash, widespread doubts about its business model, and SEC scrutiny.
"It's still a sound business," Peter Krasilovsky, an industry analyst at BIA Kelsey told CNET. "Deflated expectations will help Groupon in the long term."
Last Friday, a week before Groupon's expected IPO, bankers and fund managers indicated that Groupon's stock is likely to be oversubscribed partly because only 4.7 percent of shares will be floated.
Goldman Sachs, Morgan Stanley, and Credit Suisse are leading Groupon's underwriting.
On Friday, Groupon shares are expected to begin trading on Nasdaq under the symbol "GRPN."
Updated at 1:05 p.m. PT with Groupon declining to comment.