Google-backed RetailMeNot Inc. has raised $191 million in its initial public offering.
The provider of online coupons was priced at $21 a share, at the middle of its $20 to $22 range, and sold 9.1 million shares. It quickly shot up 35 percent to hit an intraday high of $28.45 on Friday before closing at $27.70 in its first day of trading.
Shares of the company trade over-the-counter under the symbol “SALE.”
Filings with the Securities and Exchange Commission said net income for 2012 was $26 million, compared with just $2.3 million in 2010.
Its chief executive officer and founder Cotter Cunningham celebrated the IPO by ringing the Nasdaq opening bell at the Moody Theater in Austin, Tex., Friday.
The company was founded in 2007 and began operations in the digital coupon space in 2009. It includes as one of its investors Google Ventures, the venture capital arm of Google Inc. Other investors in its last round of funding in 2011 include J.P. Morgan Chase & Co.
RetailMeNot has under its umbrella mobile apps, plus Web sites in several countries that provide digital coupons. In the U.S., coupons recently available on the site include ones for Kate Spade, Target, Kohl’s, Macy’s, Sports Authority and Lands’ End. The listings contain information on how to activate the coupons, plus their expiration dates. Some offers are for $5 off shipping, while others could be a certain percentage off a single item or an extra percentage off a category, such as a summer clearance sale.
The company said it had more than 450 million visits to its sites last year, and that its mobile apps have been downloaded by consumers more than six million times.
The firm’s business model provides for it to receive a commission when a purchase is made from a coupon that is clicked on its site. One key difference between it and some of the other coupon sites, such as daily deal firms LivingSocial or Groupon, is that RetailMeNot’s offers are from national retailers versus local proprietors.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia