Groupon shares climb above $20 IPO price

Reuters News
Posted: Dec 02, 2011 11:13 AM
Groupon shares climb above $20 IPO price

By Alistair Barr

(Reuters) - Groupon Inc shares rose above their $20 initial public offering price on Friday.

Groupon stock slumped below $20 last month on concern about competition from rival LivingSocial and how the European debt crisis might affect overseas growth.

However, Groupon released strong early holiday sales numbers this week and executives said international growth remains strong.

Groupon shares rose more than 7 percent to an intraday high of $20.82 on Friday. The stock was up 5.5 percent to $20 in late-morning trading.

(Reporting by Alistair Barr. Editing by Robert MacMillan)