Street Fight Daily: 11.04.11

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A roundup of today’s big stories in hyperlocal media, technology, advertising and startups.

The Deal Is On! Groupon Gets $700 Million IPO (PaidContent)
There may be hundreds of competitors out there, but Groupon this week has confirmed itself as the biggest daily deals site of them all, not just in terms of users but value, as it raised $700 million in its IPO — the biggest in tech since Google — valuing the company at around $12.8 billion as it started trading today on NASDAQ as GRPN.

Yahoo Livestand and Local News Aggregation (Nieman Lab)
Ken Doctor: Local should be a green field for the tablet news aggregators. While the big national and global news sites have established powerful app platforms, most local news publishers are way behind the curve, and falling farther behind every day. If aggregators can aggregate local on the tablet faster than local publishers claim their own tablet turf, they’ll be a long way down the road in the battle for local digital ad dollars.

Angie’s List Plans to Raise as Much as $114.3 Million in IPO (Mashable)
Angie’s List, an online marketplace for local services, filed its intentions to offer 8.8 million shares for $11 to $13 each with the U.S. Securities and Exchange Commission Wednesday. About 2.5 million of the 8.8 million shares will be sold by current stockholders.

If ‘Groupon Is A Disaster,’ Why Do So Many Smart, Famous Business People Believe In Andrew Mason? (Business Insider)
Nicholas Carlson: There is a strong popular sentiment out there that Groupon is a sham business and that the people behind it are greedy creeps who are in it to cash out. But we think Groupon has invented a new form of advertising for small businesses, and that is has been plagued by a series of missteps natural to a company growing so fast. Rolls Out a Redesign and Deals (BetaBeat) launched a redesigned site yesterday along with a number of new features. The site did gross revenues of $50 million last year and expects to double that this year, but wouldn’t disclose profits or margins except to say that the “lion’s share” of its business comes from restaurant delivery.

Groupon’s IPO May Be Overvalued, But Reports of a Bubble Are Greatly Exaggerated. (Slate)
Will Oremus: If anything, we’re caught up today in a bubble bubble. So spooked are we by the trauma of the last two crashes, we’ve begun to see bubbles everywhere. That skepticism is not a bad thing. And in Groupon’s case, there are some real red flags.

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