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    Media report: Groupon accounting may slow IPO

    By The Associated Press | AP – Wed, Jul 27, 2011

    A prolonged regulatory review of Groupon's accounting system could delay the online coupon company's initial public offering until mid- or late-September, CNBC reported Wednesday.

    Groupon filed its S-1 registration documents with the Securities and Exchange Commission on June 2. The company, a pioneer in partnering with businesses to sell half-priced vouchers for meals, spa and other services and many types of products, said it intends to raise $750 million.

    The business-news network cited unnamed people it said were familiar with the SEC's review in reporting that the process may take longer than usual for Groupon due to "nonstandard financial measures" the daily coupon company used.

    But Wedbush Securities analyst Lou Kerner said the SEC commonly takes three months to review IPO registration documents so the process has not yet been longer than usual.

    Groupon spokeswoman Julie Mossler did not return a call seeking comment Wednesday evening.

    Groupon leads the fast-growing daily deals industry with 48 percent of the market in major U.S. cities. The company joins several tech companies that have moved to sell their shares on Wall Street this year, prompting questions about whether an investment bubble is forming around Internet ventures that have not yet proven they can make money. But Dunkin' Brands Group Inc., which started trading publicly on Wednesday, got a warm reception from the market; its shares closed at $27.85, having gained $8.85, or nearly 46 percent.

    One of Groupon's accounting metrics that CNBC said is drawing the SEC's scrutiny is gross profit. Used as a gauge of revenue, this is the amount Groupon keeps after giving a portion of each sale to its merchant partners. But the figure excludes marketing and administrative costs, raising questions about its usefulness.

    The company already amended its SEC registration in mid-July, to change some language in a letter from chief executive Andrew Mason. CNBC reports that Groupon is working to address the SEC's concerns about its accounting system.

     

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