MOUNTAIN VIEW -- Coupons.com saw its stock price more than double in its debut day on Wall Street, after Silicon Valley's first initial public offering from the technology sector of 2014 valued the website at more than $1 billion.
The company sold its first batch of 10.5 million shares at $16 apiece, pricing the stock higher than the $12-$14 range Coupons.com originally expected to bring in $168 million at a valuation approaching $1.2 billion.
That price apparently wasn't high enough for Wall Street investors, with shares opening at $27.15 Friday morning on the New York Stock Exchange and climbing as high as $33. Shares closed at $30, a gain of 87.5 percent that pushed the Mountain View firm's valuation past $2 billion.
Founded during the dot-com boom of the late 1990s, Coupons.com took three years to launch its first digital coupon, in 2001, and is now attempting to move to mobile devices in a fight with the mailbox circulars and newspaper inserts that have dominated thrifty customers' lives for decades. Twelve years into the effort, with founder Steven Boal still at the helm as president and CEO, Coupons.com was involved in 1.3 billion consumer transactions in 2013.
Revenues jumped in 2013 with that performance, gaining from $112.1 million in 2012 to $167.9 million; while still unprofitable, the company's losses shrank last year as well, from a net loss of $59.2 million in 2012 to $11.2 million.
Coupons.com is selling all the shares in the IPO, with the proceeds targeted to general corporate purposes. CEO Boal will own 9.3 percent of the company after the offering, with investors Passport Ventures (19.5 percent) and T. Rowe Price (10.1 percent) also owning substantial stakes.
Contact Jeremy C. Owens at 408-920-5876; follow him at Twitter.com/jowens510.