Coupons.com share price almost doubles in company’s debut

Price of shares of Coupons.com (COUP), an online discounter based in Mountain View, California, almost doubled in their debut, after the company raised $168 million in an initial public offering (IPO), which was managed by Goldman Sachs Group Inc., Allen & Co., Bank of America Corp. and Royal Bank of Canada.

The company makes money, whenever customers download coupons for redemption.

“You want to meet consumers where they want to be met,” Steven Boal, the company’s founder and chief executive officer, said in an interview on Friday, cited by Bloomberg News. “We’re going to see a continued drive toward smartphones, and all our platforms are enabled for that.”

After having been at an annual loss since at least 2009, Coupons.com increased its sales by 50% to $168 million during 2013 from $112 million during the prior year, according to regulatory filings. During the last quarter of 2013 the company registered a net income at the amount of $1.5 million.

On the New York Stock Exchange (NYSE) shares of Coupons.com closed at $30.00 on March 7th, rising 87.50%, according to data by the Wall Street Journal. The market capitalization of the company was almost $2.2 billion. The company sold 10.5 million shares at $16 each, according to a statement released on March 6th.

Passport Capital LLC, the $3.2 billion hedge fund, owns a stake of 19% in Coupons.com after the initial public offering, according to the prospectus.