Daily deals service Groupon has reported their Q3 results. “Gross billings” growth was strong and rose 24% sequentially to around $1.2 billion for the quarter. Revenue grew 9% sequentially to nearly $1.2 billion for the quarter. Cumulative customers continued to grow rapidly and hit 29.5 million. Free cash flow increased to $60 million for the quarter. Groupon broke even this quarter.
Groupon is also planning to raise as much as $540 million in an IPO. Groupon is aiming to sell about 30 million shares, which is less than 5% of the company. The shares will be selling for between $16 and $18 each. At the midpoint, Groupon would be valued at $10.8 billion, which is 50% of the original $20 billion valuation planned.