Coupons.com cashed in a winning ticket Friday with an initial public offering that nearly doubled on its first day of trading.
The website provider of digital coupons priced at $16, above the expected $12-$14 range. The NYSE-listed stock opened at 27, climbed to 33 intraday before closing up 87.5% at 30.
Coupons.com (COUP) raised $168 million by selling 10.5 million shares.
An early digital coupons entrant was RetailMeNot (SALE), which launched its IPO in July 2013. Priced at $21, the stock has more than doubled since then.
There have been 40 IPOs on U.S. markets so far this year vs. 22 new issues at the same point in 2013, according to IPO research and investment firm Renaissance Capital.
Coupons.com was one of three IPOs Friday.
Aquinox Pharmaceuticals (AQXP) raised $42 million by selling 4.2 million shares at $11, the midpoint of its range. The stock climbed 9% to 12 in its debut. The biotech is working on early-stage treatments for inflammation of the lung and bladder.
Recro Pharma (REPH) raised $30 million by offering 3.8 million shares at $8, below the expected $10-$12 range. Recro, which is developing painkillers, rose 4% to 8.30.
Coupons.com says about 2,000 brands from more than 700 consumer packaged-goods companies use its platform "to engage consumers at the critical moments when they are choosing which products they will buy and where they will shop." That's according to its S-1 prospectus for the IPO filing.
Most of Coupons.com's revenue comes from digital promotion transactions. When a consumer selects a digital coupon on its platform by printing it or saving it to a retailer online account for redemption, Coupons.com is paid a fee, even if the coupon is not redeemed. It also collects fees when a consumer makes a purchase using a coupon code.
Coupons.com revenue rose 49% in 2013 to $168 million. It lost a net $11.2 million last year as it spent $61.8 million on sales and marketing and $40 million on research and development.
The online company turned a $1.5 million profit in Q4. Revenue rose 47% to $52.6 million from a year earlier.