RetailMeNot, trading under the ticker symbol SALE, went public on Nasdaq.
Online coupon web sites operator RetailMeNot Inc. began trading publicly today on the Nasdaq exchange under the ticker symbol SALE. The company says it sold 9,090,908 shares at a price of $21, generating $191 million for the company and its shareholders.
RetailMeNot said in June that it expected to raise up to $230 million in its IPO, and that it would use the funds on technology and acquisitions.
Retailers that offer coupons through RetailMeNot pay only when a customer makes a purchase using them, it says. The company, which operates in the United States and Europe, also makes money from ads placed on its sites. Earlier this month it purchased French coupons site Abcyne SAS. Its other international sites include VoucherCodes.co.uk in the United Kingdom, Web.Bons-de-Reduction.com and Poulpeo.com in France, Actiepagina.nl in the Netherlands and Deals.com in Germany.
In 2012, RetailMeNot web sites drew 24.2 million Unique visitors each month on average, with a total of about 464 million visitors over the year, it says. Revenue from those sites increased 80% year over year in 2012, to $144.69 million from $80.40 million, and more than sevenfold from 2010, when RetailMeNot reported revenue of $16.86 million.
The company began offering digital coupons to consumers in 2009 under the name WhaleShark Media. In 2010 it acquired the RetailMeNot.com web site and in March of this year renamed itself RetailMeNot.