(Reuters) - Groupon Inc is considering raising its IPO price range due to investor demand, a source familiar with the situation said on Friday.
Groupon is currently on file to sell 30 million shares for $16 to $18 each, giving the company a valuation of around $11 billion. It could file an amended IPO prospectus with a new price range early next week, according to the source.
Groupon declined to comment. The news was reported earlier on Friday by Bloomberg.
Daily deals site Groupon passed the midpoint of its IPO roadshow on Friday, wrapping up its tour of the East Coast with two days of investor meetings in New York.
Friday’s lunch meeting at the St. Regis hotel was the biggest event planned on the two-week IPO roadshow, and was seen as crucial in helping bankers decide on the final price at which Groupon shares will trade publicly.
The lunch meeting was packed and many investors were turned away, according to one investor who attended the event and another who couldn’t get in.
Groupon executives and bankers are scheduled to meet with investors in San Francisco, Denver and Chicago next week.
Underwriters on the Groupon IPO are being lead by Morgan Stanley, Goldman Sachs & Co and Credit Suisse. The shares are expected to begin trading on the Nasdaq on November 4 under the ticker symbol “GRPN.”
Reporting by Clare Baldwin in New York and Alistair Barr in San Francisco; Editing by Carol Bishopric