The subject of Groupon’s IPO has been much rumored and discussed in recent days, with sources suggesting earlier this week that the company’s value would be announced around $10 billion, down from an earlier $25 billion valuation. Turns out, that speculation was right on the money.
According to a new, detailed, report, Groupon will sell 30 million shares in an IPO valued between $10.1 and $11.4 billion. Shares will be priced between $16 and $18 each, and net proceeds are estimated around $478.8 million. No date for the official announcement was given in this latest report.
Graeme McMillan is a reporter at TIME. Find him on Twitter at @Graemem or on Facebook at Facebook/Graeme.McMillan. You can also continue the discussion on TIME’s Facebook page and on Twitter at @TIME.