CHICAGO, Oct. 22 (UPI) -- Groupon's high expectations for a billion dollar blast off into public life with its initial public offering on U.S. markets are gone, the company said.
The Internet company's latest filing for its Nov. 4 IPO said it would sell 5.4 percent of its available shares, which limits what it can raise dramatically, The Wall Street Journal reported Saturday.
A month ago, reports said Groupon was considering raising $1 billion in its IPO. That would place the company's value between $15 billion and $20 billion.
However, revenue growth, a sure-fire way to whip up investor enthusiasm, has tumbled -- from 72 percent in the first quarter to 33 percent in the second and down to 9 percent in the third.
Groupon's filing now says it expects to raise $621 million if underwriters sell all its shares at the top end of a $16 to $18 per share range. That would value Groupon as worth $11.4 billion.