NEW YORK (AP) — Shares of Coupons.com are close to doubling in their first day of trading on the New York Stock Exchange.
The stock gained $14.38, or 89.9 percent, to $30.38 in morning trading.
Coupons.com Inc., which delivers digital coupons and coupon codes to consumers, priced its initial public offering of 10.5 million shares at $16 per share and raised $168 million.
The Mountain View, Calif., company had initially expected to offer 10 million shares and expected them to be priced between $12 and $14 per share.
Coupons.com said in a regulatory filing that more than 2,000 brands from more than 700 consumer packaged goods companies and many grocery, drug and mass merchandise retailers use its service. Last year the company distributed 315 billion coupons, with 2.8 billion redeemed.
Coupons.com said in its filing that it generated revenue from more than 1.3 billion transactions in 2013. That's up 43 percent from 2012.
The company is giving the underwriters an option to buy up to an additional 1.6 million shares.
It plans to use the offering's net proceeds for general corporate purposes, including working capital, sales and marketing activities, general and administrative matters and capital expenditures. The company said in its filing that it may also use part of the proceeds for the acquisition of, or investment in, technologies, solutions or businesses that complement its business. It may also use part of the proceeds to satisfy anticipated tax withholding and remittance obligations related to the settlement of its outstanding restricted stock units.
Coupons.com had 2013 revenue of $167.9 million, up from $112.1 million in the prior year.
The stock is trading under the "COUP" ticker symbol.