Groupon filed Thursday for an initial public offering of stock that could fetch $750 million, Crain’s Chicago Business reported. The company, which earlier turned down an offer to be acquired by Google, has not yet turned a profit, Crain’s reported. It posted a loss of $389.6 million for 2010 and reported a quarterly loss of $102.7 million in the first quarter of this year, Crain’s said.
In the company’s Securities and Exchange Commission filing, chief executive officer Andrew Mason, who founded the daily deal site in November 2008, revealed the following details of its meteoric growth:
Revenue climbed to $644.7 million in the first quarter of 2011, up from $3.3 million in the second quarter of 2009. As of March 31, it was serving 83.1 million subscribers in 175 North American markets, up from 152,203 subscribers in five North American markets in June 2009.
In the first quarter of this year, the company sold 28.1 million Groupons, up from 116,231 in the second quarter of 2009. It increased the number of featured merchants to 56,781 across 140 merchandise categories in the first quarter of this year from 212 merchants in the second quarter of 2009. It now employs about 7,10 workers, up from 37 in June 2009.
In addition, Reuters broke news Wednesday that Groupon and Expedia are collaborating on a travel deal website called Groupon Getaways, Crain’s reported. The site, which is slated for a late June launch, will offer deals on hotels as well as travel packages that include airline tickets, cruises and car rentals, the story said.