Stat of the day: $700m

After much to-ing and fro-ing, daily deals site Groupon has finally got around to pricing its initial public offering.

And (surprisingly, some might say) it prompted a flurry of interest from investors. Orders were well over 10 times the amount of shares offered, a source told the New York Times, meaning Groupon priced its IPO at $20 a share – above the expected range of $16-$18. Is MT missing something? Or do shareholders automatically get free fish pedicures?

Overall the sale raised $700m, valuing the company at nearly $13bn. Nice, given that the three-year-old company has yet to make a profit.