RetailMeNot, a US-based online digital coupon marketplace, whose investors include Google Ventures, has raised approximately $191m selling 9.1 million shares in its initial public offering on Nasdaq. The shares were sold at $21 each, the mid-point of the $20 – $22 proposed range. RetailMeNot’s share price rose by as much as 34% on the first day of trading.
Major investors in RetailMeNot, as well as Googe Ventures (5.9%, pre-IPO stake), include venture capital firms Austin Ventures (31.8%) and Norwest Venture Partners (23.7%).
Half of the shares in the IPO were sold by existing, selling stockholders and half were sold by the company. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1.4 million shares to cover over-allotments.
Morgan Stanley, Goldman, Sachs and Credit Suisse acted as joint book-running managers for the offering. Jefferies & Company, RBC Capital Markets Corporation, Stifel, Nicolaus & Company, and William Blair & Company acted as co-managers.